It was reported a fortnight ago that the Gunners were looking to revive their interest in the French international, and they seemingly have done so.
According to the Daily Star, Arsene Wenger is willing to sell Sanchez if the £30m valuation is met, and would prefer that to losing him on a free when his contract runs out in the summer.
BREAKING: AS Monaco "could be tempted" to sell Thomas Lemar this month, according to tomorrow's L'Équipe.— DaveOCKOP (@DaveOCKOP) January 5, 2018
However, he will not sell until he has the reassurance of an adequate replacement in his squad, and Lemar could be just the man.
Arsenal's bid for Lemar is a whopping £32m less than the offer they had accepted on deadline day last summer, so there could still be a lot of negotiating to do before a price is agreed.
The North London club had supposedly accepted a £60m offer from Manchester City for Sanchez but the deal couldn't get done in time so Arsenal pulled out of signing the French winger.
Wenger also has other targets in the French market that he has had so much success in over the years, and is considering Lyon's Nabil Fekir and Bordeaux's Malcolm as potentially cheaper options.
Liverpool want Thomas Lemar. He’s the priority.— Oliver Bond (@Oliver__Bond) January 6, 2018
Arsenal opening the bidding for Lemar is likely to alert Liverpool, who were also in for the Frenchman over the summer transfer window.
Jurgen Klopp has cash spilling out of his pockets after the £142m sale of Philippe Coutinho to Barcelona last week and could well be tempted to return to the man they chased for a large chunk of the last transfer window to replace him.
The Star even claim that Lemar has already given his approval for a switch to Anfield and all that needs to be done is an agreement on the price between the two clubs.