According to John Cross of the Daily Mirror, even at this late stage in the transfer window, the Etihad Stadium club have yet to shelve their pursuit of the player despite insistence from the Gunners he will be going nowhere.
"Gunners boss Arsene Wenger has insisted publicly they will not sell despite Sanchez only having one year left on his current deal," Cross wrote. "Arsenal are also confident now that Sanchez will stay for the final year of his contract—and have not given up on him signing a new deal."
It was suggested the striker wants £400,000 per week as part of a new contract, and City would be able to get closer to those demands than the Gunners.
Matt Law of the Daily Telegraph has also reported City will bid for the Chile international, saying their offer will be in the £60 million region.
Although City have masses of attacking talent already, Guardiola is said to be on the hunt for more quality in the final third. James Robson of the Manchester Evening News suggested why:
James Robson @JamesRobsonMEN
Big chances missed by Jesus and Aguero now. Does that justify Guardiola's Mbappe and Sanchez pursuits?2017-8-12 17:05:01
However, it appears increasingly likely that City will be frustrated in their pursuit of Sanchez, with Arsenal holding firm. The Gunners No. 7 is an important figure at the Emirates Stadium, offering quality, industry and aggression in attack.
Arsenal will hope that if they keep Sanchez beyond the transfer deadline, he will get his head down and focus on football for the coming months. He may leave on a free transfer next summer as a result, but the Gunners will hope his brilliance can help them to a memorable 2017-18 season.
Chelsea Close In on Alex Oxlade-Chamberlain
According to James Olley of the Evening Standard, Chelsea are increasingly confident they can complete a deal for Alex Oxlade-Chamberlain for around £35 million.
Like Sanchez, the midfielder also has less than a year remaining on his Gunners deal, triggering speculation about his future. The Blues, it appears, are ready to capitalise on this undesirable situation for Arsenal.
"Standard Sport understands no fee has yet been agreed but negotiations between the two clubs are ongoing and the Blues have received sufficient encouragement to believe a transfer is possible," the report noted.
Olley added that Liverpool and Manchester City preserve an interest in the England international, but Chelsea manager Antonio Conte "is ready to offer the player a right wing-back role in his starting 11 ahead of Victor Moses."
Per WhoScored.com, Oxlade-Chamberlain started the season well against Leicester City on Friday:
Alex Oxlade-Chamberlain: Completed 8 dribbles v Leicester on Friday - only once has he completed more in a Premier League game in his career https://t.co/xnb18ggtwz2017-8-14 12:45:01
In that match he was utilised as a left wing-back. It's one of many berths occupied by the player in his time at Arsenal, having failed to nail down a regular spot in the XI. According to Olley, Oxlade-Chamberlain sees his future as a central midfielder.
Still, the chance to play on the right consistently for Chelsea will appeal to the 24-year-old, who may need a move to ignite his career again.