Arsenal want Manchester City to include a player in any deal for Alexis Sanchez.
Sanchez has been heavily linked with a move away from Arsenal, who failed to qualify for the Champions League last season and lost heavily to Liverpool at the weekend.
Goal believe talks between Arsenal and City regarding a deal for Sanchez have officially begun, with the Chile international eager to leave the Emirates.
However, Arsenal are keen to have a player included in the deal, with Raheem Sterling being mentioned as a potential makeweight.
City's willingness to allow Sterling to leave shows their eagerness to sign Sanchez, who managed 24 goals and 10 assists in 38 Premier League appearances last season.
Sterling only joined City in 2015 from Liverpool for £49m but the club are prepared to let the England international leave in order to sign Sanchez, who worked with City manager Pep Guardiola during their time together at Barcelona.
Fabian Delph, who has only made 40 appearances for the Citizens since joining the club back in 2015, is another who could swap the Etihad for the Emirates before Thursday's deadline.
The Independent claim Arsenal want Sergio Aguero should Sanchez leave, with the former Atletico Madrid striker regarded by many as one of the finest in the Premier League after scoring 170 goals in 255 appearances for Pep Guardiola's side.
Aguero's future at City has been the subject of much speculation in recent times due to the recent arrival of Gabriel Jesus and Arsenal's reported proposal will force Guardiola to consider how much he values the Argentina international.
Aguero scored 20 Premier League goals last season as the club finished third, but could be swap the Champions League for the Europa League if the deal goes ahead.