The Chilean forward, who has only a year left on his contract at Arsenal, has been linked with a move away from the Emirates Stadium all season, but Wenger insisted the club will be trying to keep hold of him, per the Mirror's Joe Mewis:
"No, [we are] not braced to lose players. We have nobody end of contract. That will be completely our decision. I believe we have a big job to do in the summer. We want to keep players like Alexis and all the speculations can happen."
Meanwhile, Bayern Munich have also been tipped as front-runners to snap up the 28-year-old former Barcelona star:
B/R Football @brfootball
Reports suggest Bayern Munich are favourites to land Alexis Sanchez from Arsenal... Prost! 🍻 https://t.co/wI2koMDgiD2017-5-23 21:57:58
Per Cross, Arsenal have offered Sanchez a deal worth in excess of £250,000 a week in an attempt to get him to commit to the club, but they are now on the back foot having failed to qualify for next season's UEFA Champions League.
The Chile international has the quality to slot into almost any top team in Europe. He can play as both a winger and a No. 9, and he managed to net 24 goals and provide 10 assists in the 2016-17 Premier League—a career-best return for a league season—despite the Gunners enduring a tough campaign.
Since joining Arsenal from Barcelona for £35 million in 2014, Sanchez has been arguably the club's most important player, but he has only one FA Cup triumph to show for his efforts and the Gunners have failed to launch a title challenge in that time.
At a club like City or Bayern, Sanchez would have a better chance of winning major silverware and would be guaranteed Champions League football next season.
With such opportunities limited at Arsenal, Sanchez could be tempted by a move in the summer, and the Gunners may struggle to hold on to him even if Wenger is insistent the decision lies with the club.