Sanchez's future looks increasingly like it lies away from Arsenal, particularly after he scored twice in Thursday's 3-2 win over Crystal Palace but was not congratulated by all his team-mates.
Former striker Thierry Henry told Sky Sports (h/t The Independent) the Arsenal celebrations show there are now divisions within the squad.
A report from TransferMarketWeb (h/t David Wright at the Daily Star) said the Chilean has agreed a deal to join Pep Guardiola's side in January on a contract that runs until 2021.
Meanwhile, the Premier League shows how Zaha may have impressed Wenger:
The former Manchester United man has shone this season in a struggling Crystal Palace side.
His pace and dribbling ability have seen him torment defenders, and he has also scored four goals in 14 Premier League appearances.
The Independent's Jack Pitt-Brooke explains how highly he rates Zaha:
Squawka Football showed how he compares with some of his Premier League rivals:
Arsenal do look destined to lose Sanchez eventually, and while a replacement will be needed, coming in for the talismanic Chilean is a tough ask.
Zaha spent two years at Manchester United, where he failed to impress, before returning to Palace, and there may still be some doubts as to whether he can cut it at the very highest level.
Walcott earns more than £100,000 a week, and he would prefer a loan deal as he feels he is still good enough to play for a top-six club.
The 28-year-old has not made a single start in the Premier League this season but feels a January switch would help put "himself in the shop window as he looks to secure a summer move."
Football editor Tom Marshall-Bailey says it is time for Walcott to leave Arsenal:
Walcott is certainly struggling for game time at Arsenal having slipped down the pecking order, and the time does feel right for him to consider a move away if he wishes to reignite his career.