The Chile international is out of contract at the end of the season and will be available on a free transfer.
Sanchez has shown no indication that he will extend his deal with Arsenal, although Arsene Wenger has claimed he would not sell the forward in the upcoming transfer window.
The Daily Mirror reports that City are ready to hold out until the summer to sign Sanchez and are confident of getting him ahead of Paris Saint-Germain.
Reports have claimed that Sanchez’s agent has held fresh talks with the Ligue 1 leaders, but City is the Chilean’s first-choice destination as he would link back up with his former boss Pep Guardiola.
The Mirror report that Sanchez’s offer from City will be made up of a £325,000-a-week base salary, which will be topped up by image rights payments worth £75,000 per week.
Should he sign that deal with the Premier League leaders, it would smash the wage Paul Pogba is currently getting from Manchester United.
The France international is the Premier League’s top earner with his £290,000-a-week deal.
The report claims that Sanchez has already informed Arsenal that he is leaving, and selling him abroad in January could be difficult if he is intent on joining City.
More: Arsenal FC
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