Alexis Sanchez will stay at Arsenal if he gets a new £400,000-a-week contract

Alexis Sanchez is demanding a new whopping £400,000-per-week ($517,300) contract to remain with Arsenal.

The Chilean international's contract at the Emirates expires in the summer of 2018 as doubts persist over where he will be playing next season despite the forward claiming his future was clear.

Manchester City are reported to be favourites to sign Sanchez this summer in a deal worth approximately £50m ($64.8m) while the forward has also been linked with Bayern Munich, Paris Saint-Germain and Juventus.

According to The Mirror, Arsenal had offered the 28-year-old a fresh contract worth over £275,000-per-week ($355,600), but Sanchez wants a £125,000-per-week ($161,600) increase on the currently tabled offer.

Such contractual demands have already scared off Bayern Munich. While they were interested in signing the former Udinese man, they stated that his wage demands were not feasible.

With Arsenal unlikely to offer a contract that lucrative especially for someone approaching his thirties, it looks like Sanchez holds all the cards as the report claims that there is a growing feeling he is ready to see out his contract and leave on a free in the summer of 2018.

This puts the north London club in a tough situation as they could either cash in on him this summer or risk losing him on a free transfer next summer.

However, Arsenal will be hoping that the signing of Alexandre Lacazette and potentially more reinforcements could signal the club's ambition and convince Sanchez to extend his stay.

Another Gunners star whose future is uncertain is Mesut Ozil whose contract also expires in 2018. While there are no reports linking him with a move away from Arsenal, the German international is said to be demanding a bumper £350,000-per-week to extend his contract.