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Former Manchester United defender turned pundit Gary Neville has warned Arsene Wenger it will cost at least £200m to properly replace Mesut Ozil and Alexis Sanchez, whose contracts expire at the Emirates in six months.

With both players on course to leave the North London outfit for free in the summer, Gunners boss Wenger will be desperate to either negotiate a renewal for the pair's contracts or properly identify suitable replacements for the duo ahead of the 2018 summer transfer window.

There has been much speculation as to where both of Arsenal's star men will end up, with Alexis Sanchez heavily linked with a move to Premier League front runners Manchester City, meanwhile there has also been much talk of Ozil reuniting with former Real Madrid boss Jose Mourinho at Old Trafford.

If Arsenal are to let the duo leave, they have the choice of either selling them this month in order to recoup some of their £77.5m investment, or keep hold of them and see them leave for free in the summer.

Regardless, Sky pundit Gary Neville feels that in the current market, replacing Sanchez and Ozil will cost the Gunners in excess of £200m.

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“There is talk of Sanchez going to Man City – that will be in his mind,” Neville claimed on his Sky Sports podcast.

“You have to throw it forward to the summer. If they do leave, they will leave a huge hole. If you think of how prices have gone and how much Arsenal paid for them, it is going to cost them at least £200m to replace them.”

So far in the January transfer window, Arsenal have already made a signing, penning a deal for Greek centre back Konstantinos Mavropanos in order to add fortifications to an often shaky back line.