Manchester City are reportedly set to land Arsenal forward Alexis Sanchez for £44m in the January transfer window, according to reports in the Spanish media.
According to Don Balon, City have seen off strong interest from abroad to secure the Chilean international's signature.
City are reportedly close to striking a deal, despite strong interest from La Liga giants Real Madrid, who are understood to have identified Sanchez as a key transfer target.
Real would apparently be willing to dispose of the services of Lucas Vazquez in order to accommodate Sanchez into the squad.
Sanchez is out of contract in the summer, leaving Arsenal in the difficult position of either cashing in on their star man, or risk losing him for free at the end of the season.
And despite a reluctance to strengthen the squad of their title rivals, Arsenal believe accepting a hefty transfer fee will benefit the club in the long run and are willing to accept City's bid.
Should Sanchez depart for the Etihad Stadium, he will join a growing list of players over the past decade to make the move north. Samir Nasri, Gael Clichy, Kolo Toure, Bacary Sagna and Emmanuel Adebayor have all previously been allowed to move north by Arsenal boss Arsene Wenger.
The Chile international, 28, has previously worked with Manchester City boss Pep Guardiola at Barcelona, and he could link up with his former manager in a blockbuster deal that would strengthen the hand of a City side, who have won their last 20 games in all competitions.