Arsenal ready to let Alexis Sanchez leave in January, awaiting new offer from Manchester City

Arsenal are ready to sanction a January move for Alexis Sanchez if they receive the right offer with Manchester City said to be favourites to land the Chilean.

Arsene Wenger is reluctant to let the Gunners forward leave before the end of the campaign, but the club are said to be willing to be ready to part ways with Sanchez after three-and-a-half years to avoid losing him on a free transfer in the summer.

According to BBC Sport, Arsenal are ready to sanction the move but only after they secure a replacement for the Chile international. Bordeaux's 20-year-old winger Malcom is said to be top of their priority list to replace Sanchez.

The Brazil Under-21 international has attracted interest from a number of clubs including Manchester United following some impressive performances in Ligue 1 this season. The Gunners are said to have made the first move and opened talks with his representatives but it remains to be seen if Bordeaux will sanction the move midway through the campaign.

Sanchez's departure is also not certain before the end of the month as the report claims that City and Arsenal are at loggerheads in terms of the fee. Pep Guardiola has asked the club's hierarchy to make a move with their initial offer said to be £20m ($27m), but the Gunners are said to be holding out for £35m. A compromise is expected to be reached with a fee of £25m to £30m being discussed.

City were initially the only Premier League club interested in signing Sanchez, but recent reports have suggested that Jose Mourinho is also keen to sign the former Barcelona forward. The Red Devils are said to have submitted a bid in the region of £25m and are also willing to include Henrikh Mkhitaryan as part of the deal.

The Portuguese coach is reported to be confident of beating Guardiola as United are offering a better deal compared to their Manchester rivals. City will be keen to wrap up the deal at the earliest, after missing out completing it on deadline day last summer.