Arsenal will plan on targeting Raheem Sterling in January, while Manchester City will maintain their interest in Alexis Sanchez.
Arsenal were subject of much speculation regarding whether Sanchez would leave in the summer with a number of clubs keeping tabs. Manchester City upped their interest towards the end of the last transfer window to no avail.
The Chilean international has featured in ten club games this season, picking up one goal and directly contributing to two more.
The Daily Mail reports that the Sky Blues will go back in for Sanchez, with Arsenal wishing to sign Raheem Sterling in a potential swap deal.
The Gunners attempted to sign the former Liverpool winger in the past summer, but Pep Guardiola blocked the prospect to keep Sterling at the Etihad.
Despite the City manager being adamant the winger will not leave, the outlet claim this will not deter Arsenal from making an offer again in the coming months.
Sterling has enjoyed his finest ever start to a season, with seven goals and two assists in nine Premier League matches, and a further three in the Champions League group stage.
Sanchez' contract with the London side will expire on June 1 2018, and Arsenal face the dilemma of deciding whether attempting to keep hold of their talisman or cash-out.
Both players featured in the last match between the two sides at the Etihad where City comfortably won to sit eight points clear at the top of the table.