According to John Cross of the Daily Mirror, City will hold off making a move for the Chile international in January with his contract due to expire at the end of the 2017-18 season.
"Sanchez will get a signing-on fee and huge contract that will equate to a salary of around £325,000 a week plus image rights worth another £75,000 a week," Cross wrote. "That would make him one of the world game's top earners—boosted by the fact he will not cost City a transfer fee."
Sanchez is said to have turned down a similar amount of money from Chinese Super League clubs, while Paris Saint-Germain are also reportedly still interested in him.
However, City are confident of signing the 29-year-old, with the player having made it clear to Arsenal he will be moving on, Cross reported.
As noted in the piece, City made a bid for Sanchez late in the summer transfer window, although the £60 million move didn't go through. It appears as though Pep Guardiola will eventually get his man, though.
Sam Lee of Goal added further detail regarding City's interest, suggesting there is no rush to get it completed from Guardiola's standpoint:
Sam Lee @Sammy_Goal
Sane and Sterling have had better seasons than expected and don’t deserve to be taken out of the squad. Guardiola’s also happy with his two No.9 options, so Alexis is probably going to have to wait til summer, or decide to go elsewhere in the meantime2017-12-21 07:28:03
While he was one of the standout players in the Premier League last term, Sanchez's form has dipped this season. The Independent's Jack Pitt-Brooke questioned whether he should even be in the Arsenal side at the moment:
Jack Pitt-Brooke @JackPittBrooke
Funny thing about Arsenal at the moment is that of their front three, the worst-performing player right now is ... Alexis Sanchez. If he's not arsed, why not start Welbeck ahead of him?2017-12-20 08:43:51
Still, the prospect of Sanchez becoming part of the City setup is an ominous one for the rest of the Premier League, especially if he can rediscover his best under Guardiola.
The fluid, incisive and dynamic attacking football played at the Etihad Stadium suits the former Barcelona man's style.
Last season, his record in terms of goals and assists—24 and 10 in the Premier League, respectively—was remarkable. As noted by Miguel Delaney of The Independent, City's goalscoring numbers this term, especially against the top sides, has been incredible:
Miguel Delaney @MiguelDelaney
City have scored 4+ goals in six of their 18 games so far, two of those coming against Spurs and Liverpool, and have also won away at Chelsea and United. Truly numbers to match their riches now, but they're really maximising them.2017-12-16 19:44:53
As good as Sanchez is, Guardiola will not want to upset the blend of attacking play we've seen in recent weeks at City. Leroy Sane and Raheem Sterling have provided incredible penetration out wide, while Sergio Aguero remains dangerous in front of goal.
Guardiola worked with Sanchez at the Camp Nou and will know what's required to get the best from the Chilean.