That's according to GianlucaDiMarzio.com, where it was written that "City is ready to welcome Sanchez to the club."
The article states a decision has yet to be made on when the 29-year-old will arrive at the Etihad Stadium, although he's poised to receive a lucrative contract nonetheless. The City Watch Twitter account relayed the details within the report:
It's also been suggested by Miguel Delaney of The Independent that Arsenal are ready to soften their hard stance when it comes to a possible sale of Sanchez, and the forward "could be a Manchester City player within a week, according to figures close to the Arsenal striker."
Delaney added Gunners boss Arsene Wenger is now ready to let the striker move on, and City are confident of agreeing a fee this month for less than the £35 million Arsenal are said to value Sanchez at.
According to John Cross and David McDonnell of the Daily Mirror, City have made their move to land the forward with a £25 million offer to the Emirates Stadium club.
It appears a deal is edging closer to completion after months of speculation, as City sought to sign Sanchez in the summer before a deal fell through.
As noted by football writer Ryan Baldi, given Pep Guardiola's side have a 15-point lead at the top of the Premier League, a switch for Sanchez would guarantee success:
While there may have previously been an argument to wait until the summer to sign the player for free—Sanchez's contract with Arsenal is up at the end of the campaign—City's January pursuit makes a lot more sense following the injury to Gabriel Jesus.
The Arsenal man would be able to play in the UEFA Champions League for City. Given they are also in the hunt for the Carabao Cup and FA Cup, there would be plenty of chances to make a big impression in sky-blue colours during the rest of the season.
From an Arsenal perspective, the situation is far from desirable, although getting a decent fee for a player who would otherwise leave for nothing appears to be the most sensible course of action.
As noted below, it's not been an enjoyable season for the Gunners, with uncertainty over the future of a number of key men:
While Sanchez's arrival at the Etihad would give Guardiola even more attacking riches, the Chilean's possible departure from the Emirates would leave a massive void in the Arsenal attack. Replacing him in January is a mighty task for the Gunners.
Signing Sanchez would further fuel hope City can achieve something extraordinary this term, as they're still unbeaten in the Premier League and well in the hunt for four trophies. It's easy to see why the Chile international wants to be part of that type of project.