Arsenal Transfer News: Latest Rumours on Alexis Sanchez and Thomas Lemar

Arsenal forward Alexis Sanchez has reportedly agreed terms with Manchester City. The star attacker is nearing a move to the Gunners' Premier League rivals, per news from Portugal.

Meanwhile, Arsenal may be close to bringing in an attacker of their own amid rumours they have agreed terms with AS Monaco's Thomas Lemar, although a fee between the two clubs has yet to be sorted.

Lemar, who played on the left side for Monaco last season, could be targeted to replace Sanchez, with rumours growing the latter will leave. City are the most hotly linked suitors after Portuguese outlet O Jogo (h/t Metro) reported "Sanchez has verbally agreed to join" the Citizens.

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The potential deal is said to be "'virtually complete'" after Sanchez "recently spoke with Pep Guardiola," per the reports, with a fee of £50 million mooted. City manager Guardiola signed Sanchez for Barcelona back in 2011, so knows the player well.

Sanchez recently indicated he knows where his future lies but refused to reveal whether he will be at Arsenal next season, per Bryan Swanson of Sky Sports News HQ.

Reports out of his native Chile have said Sanchez has already told Arsenal boss Arsene Wenger he wants to join City this summer, per El Mercurio (h/t Joe Short of the Daily Express).

Losing Sanchez would undoubtedly be a significant blow to Wenger and his squad. It would mean being without the roving forward who bagged 30 goals last season and also proved a prolific source of chances after providing 13 assists, per WhoScored.com.

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However, securing a deal for Lemar would surely soften the blow if Sanchez were to leave. Arsenal's chances of signing the precocious 21-year-old France international have been boosted after The Sun's Warren Haughton reported Lemar has agreed terms with the Gunners: "SunSport understands a long term deal on around £90,000-a-week has been agreed between the Gunners and the player's representatives."

Arsenal have already made two bids for Lemar, with the latest offer worth €45 million, according to French publication L'Equipe (h/t ESPN.co.uk). Yet David Woods and Paul Brown of the Daily Star have reported Wenger will need to bid again to force Monaco's hand: "And they are now weighing up a THIRD bid for Monaco winger Thomas Lemar after having an improved £40m offer rejected."

The Gunners also saw a £31 million offer for Lemar rebuffed in June, per David Hytner of the Guardian.

Despite being knocked back twice, Wenger may feel confident he can eventually sign Lemar. The confidence could come from the player's friendship with new Arsenal striker and club record signing Alexandre Lacazette, per Marc Williams of the Daily Star: "Lemar is close friends with Lacazette and Arsenal hope this could help swing the deal in their favour."

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Lemar is an exceptional talent, a player on the rise who could fit at various spots in the 3-4-2-1 formation Wenger switched the Gunners to late last season.

If he were tasked with replacing Sanchez, Lemar would simply slot in on the left behind the main striker. Wenger would then hope a player who scored 14 goals and provided 14 assists last season, per WhoScored.com, would continue to develop at a rapid rate.

Another alternative could be to convert Lemar into a central midfield role. In fact, Matt Spiro of beIN Sports thinks there are similarities between Lemar and one Arsenal playmaker in the middle:

The idea of playing Lemar centrally has merit, especially when energy and off-the-ball movement are the key qualities of his game. He would offer the same box-to-box influence as Aaron Ramsey, a terrific talent but one who struggles to avoid injury.

Playing Lemar next to deep-lying pass-master Granit Xhaka would give Arsenal an enviable complement of skills at the heart of midfield.

Finding a place for Lemar while keeping Sanchez away from City would be the best-case scenario for the Gunners during the remainder of this transfer window. Along with signing Lacazette, these moves would ensure Wenger's men are better equipped to win major trophies in the new season.