Arsenal Transfer News: Latest Rumours on Alexis Sanchez and Riyad Mahrez

Manchester City are reportedly willing to offer Arsenal talisman Alexis Sanchez a £320,000-per-week contract in order to take the forward from the Emirates Stadium this summer. Elsewhere, AS Roma have pulled out of the race for Leicester City star and rumoured Gunners target Riyad Mahrez.

Sami Mokbel of the Daily Mail reported City will offer Sanchez a deal "in the region of £320,000 per week," although that figure still doesn't meet the £400,000-per-week salary he's understood to be seeking at Arsenal.

The Citizens have embarked upon a spending rampage this summer, as manager Pep Guardiola looks to craft his dream team, with Bernardo Silva, Benjamin Mendy, Kyle Walker and goalkeeper Ederson all arriving for big fees.

Eurosport UK recently provided a breakdown of City's summer investment, addressing issues in defence and between the goalposts mainly, with spending clearing the £200 million mark already:

Contract rebel Sanchez is in the last year of his deal in north London, but it may still require a massive transfer fee to take him away from the Emirates this summer. It appears City have a lucrative wage ready and waiting for the Chilean, though.

Despite his contract situation with the Gunners, Sanchez is still wanted by Arsenal manager Arsene Wenger. Former Premier League defender Matthew Upson told BBC 5 live Sport the 28-year-old is still wanted at his club:

The north Londoners missed out on UEFA Champions League qualification after finishing fifth in the Premier League last term, although they'll hope a promising long-term vision can convince their star to stay at the club.

However, City's chances of recruiting another big name on par with Sanchez could be diminishing after Guardiola recently conceded funds may be running dry after a big summer splurge, per the Mirror's Jack Rathborn: "We are going to see if we can buy somebody else. We cannot spend too much [more]. We already spent a lot." 

One figure putting in the groundwork to bring Sanchez to the Etihad Stadium is Chile team-mate Claudio Bravo, who joined Guardiola at City from Barcelona last summer and would be happy to play alongside his compatriot at club level:

Elsewhere, Adam Jones of football.london cited Sky Sports News reporter Kaveh Solhekol in saying that Roma have given up in their pursuit of Leicester marvel Mahrez after seeing a £27 million bid for the player turned down.

It's mentioned Leicester are seeking closer to £40 million if they're to sell the 2015-16 PFA Player of the Year, a figure Roma reporter Julian De Martinis does not see as value for money:

"

If LCFC are holding out for anything about 40 for Mahrez, I'd want Roma to switch targets. Too risky.

— Monchi's 94th Trophy (@JulianDM11) July 25, 2017"

Leicester had a disappointing 2016-17 campaign compared to the fairytale Premier League title win of a season prior, ending last term 12th in the division after manager Claudio Ranieri was replaced by Craig Shakespeare.

Like the Giallorossi, Arsenal may not be willing to spend the prescribed amount in order to tempt the Foxes into a sale, but at least Roma's exit from the chase has eliminated a major rival for Mahrez's signature.