Everton are keen to retain the services of Lukaku and will demand £90m for the striker.
Sanchez, 28, only has a year left on his Gunners contract.
Tolisso has been touted as a long-term replacement for now retired Xabi Alonso at Bayern.
Sanchez has one year left on his contract and says his Arsenal future lies in his agent's hand.
Sanchez will enter the final-year of his contract with Arsenal at the end of next month.
Wenger's new deal at the Emirates will see him earn around £16m for two years at Arsenal.
Alonso came closest to a Premier League title with Liverpool during the 2008/2009 season.
Conte is keen to strengthen the Chelsea back line ahead of next season.
Sanchez, 28, is reportedly Bayern's priority summer transfer target.
Sanchez will enter the final year of his contract with Arsenal this summer.
Guardiola says if the results are not good next season, he will be sacked.
Sanchez is reportedly attracting interest from Bayern Munich and Atletico Madrid.
Eredivisie side could part ways with the 20-year-old centre-back for around £21m.
Sanchez's future has long been a talking point.
Atletico Madrid defender Hernandez, 19, is on a season-long loan at Deportivo Alaves.
Rafinha, 31, has a little over a year left on his contract at Bayern Munich.
Recent reports in Spain claimed that the Catalans wanted to lure him back to the Nou Camp.
Bayern Munich face a mountainous task against the defending European champions at the Santiago Bernabeu.
Mats Hummels and Jérôme Boateng did not train with their teammates on Sunday.
Sanches has only made five starts for the Bundesliga champions.
Bundesliga giants will visit Santiago Bernabeu on Tuesday following a 2-1 defeat at home.
France international suffered grade 2 injury in the left femoral biceps during win over Alaves.