According to Miguel Delaney of The Independent, City will renew their interest in the Chile forward in midseason having failed to secure a deal late in the summer transfer window.
With Sanchez's contract poised to expire at the end of the campaign, the Manchester outfit would be hopeful of doing a deal for far less than the 28-year-old's market value. Still, according to Delaney, Arsenal are not ready to lose the player on the cheap.
"City are aware they will likely to have to come in with a big offer, if also to avoid the situation going to the wire in the way it did in August, and are prepared to do so even though the player will be available on a free in the summer," he wrote.
It's suggested in the piece City manager Pep Guardiola believes his side are capable of doing a Premier League-UEFA Champions League double and is keen to press ahead with a move for the Arsenal forward.
Chris Moore of World Soccer Talk suggested it would be a big surprise to see the Premier League leaders pursue that type of deal:
One positive of striking an agreement in January for City would be eliminating other competition for the player at the end of the campaign.
After all, it's not often a world-class footballer is available for nothing, and it was reported by Steve Stammers of the Sunday Mirror recently that Paris Saint-Germain retain an interest in the Arsenal forward.
City aren't in desperate need of attacking reinforcements, as they've played some of the most irresistible football in the game this term. As relayed by the Tifo Football Twitter account, they are in incredible form:
The prospect of Sanchez slotting into this team is an ominous one for the rest of the Premier League.
In an attack that's based on close control, fluidity and intensity, Sanchez would be adept at operating across the front three or even behind a centre-forward. His ability to beat players, thread passes into space and score different types of goals would add another exhilarating edge to their play.
You sense Sanchez would be keen to be a part of Guardiola's plan. As noted by Alex Shaw of ESPN, there have been signs this season that the former Barcelona man's mind may be elsewhere:
Arsenal's reluctance to sell Sanchez for a cut-price amount is admirable, as he still has a huge role to play at the Emirates Stadium for as long as he dons the club colours. When he's at his best, he remains the team's most important attacker and someone who can alter the course of any game with a piece of inspiration.
Even so, losing a player so skilled for nothing would be a massive blow to Arsenal. However, City will be confident of prising Sanchez away in January and adding another star to their galaxy of forward options.