Arsenal Transfer News: Latest Rumours on Alexis Sanchez, Alex Oxlade-Chamberlain

Alexis Sanchez has reportedly agreed terms with Manchester City despite the club having a £50 million bid rejected by Arsenal.

According to the Telegraph's James Ducker, the Gunners turned down the cash offer as they are attempting to keep the Chilean in north London, though it appears they might consider sanctioning a move to City if Raheem Sterling is also included.

Despite the rejection, City and Sanchez "have already agreed the framework of personal terms worth around £325,000 a week."

In that case, all that's left is to convince Arsenal to part with their star—not an easy feat given the Sky Blues are a direct rival in the fight for the Premier League title and UEFA Champions League places.

Per Sky Sports' Kaveh Solhekol, City will continue in their attempts to prise him away:

Allowing Sanchez to move to the Etihad Stadium could be a disastrous decision, but if Arsenal can get a player of Sterling's ability and potential in exchange, that would be much better for the Gunners.

The former Liverpool man has been a strong performer at City since manager Pep Guardiola took charge, producing 12 goals and 21 assists in 50 appearances under the Spaniard.

The England forward still has room to improve—particularly if he were to replace Sanchez and the superlative numbers he contributes—but given his youth he has plenty of time to do so.

Bleacher Report's James McNicholas believes Arsenal should consider the deal if the 22-year-old is part of it:

If City aren't willing to part with Sterling or another strong player, Arsenal would be wise to hold their resolve.

Meanwhile, Alex Oxlade-Chamberlain has turned down Chelsea in favour of Liverpool, according to BBC Sport's David Ornstein:

Goal's Nizaar Kinsella believed his versatility would be a valuable asset to the Blues:

However, it appears the 24-year-old is no longer content with being a utility man.

A desire to settle into his favoured position is understandable, as it could allow him to consistently bring out his best form and revitalise his slightly stuttering career.

There's certainly scope to nail down a position in Liverpool's midfield—more so than at Chelsea—but wherever he plays it will be difficult to escape his tag when players get injured and the manager has positions to fill.

He would fit in well at Anfield, though, and a move there could be slightly more palatable than to Arsenal's local rivals.