Arsenal and Manchester United still need to come to an agreement on the transfer package, whether it's a fee or if Henrikh Mkhitaryan will go in the other direction.
Alexis Sanchez has reportedly agreed to sign for Manchester United - with a contract worth £14 million-a-season in the offing for the Arsenal star.
The Mirror among other reports has claimed that the Chile international has agreed personal terms with the Red Devils while Arsenal and United continue to thrash out terms for his sale this month.
However, the transfer depends on whether United can convince Henrikh Mkhitaryan to leave Old Trafford as part of the deal, with the Armenia international hesitant to depart for the Emirates.
Sanchez became United's top priority for this month as they looked to rival Manchester City for his signature before the latter walked away from a deal due to Arsenal's £35m asking price.
The striker will now become Jose Mourinho's latest big-money arrival if United can get the deal over the line and persuade Mkhitaryan to leave and join up with Arsene Wenger's side.
The 28-year-old forward is, however, said to be unsure if he should leave Manchester for the capital and is eyeing a sizable wage increase if he commits to head to London.
Mkhitaryan's agent Mino Raiola has already stated that his client will only agree to a switch if the transfer sees United swap one forward for another, but Arsenal are keen to see the ex-Borussia Dortmund man link up with the rest of their squad in a player-plus-cash deal.
Raiola has gone on record to state: “This is a great deal for Arsenal. They need better, younger players and they have to invest, so it’s up to Arsenal to put a deal in place and right now a deal is a long way off. Sánchez is part of the Mkhi deal, not the other way around.”
It is now up to Mkhitaryan's desire to become a vital cog in Wenger's struggling side as to whether United snap Sanchez up, but if they do so it'll be a remarkable turn of events given City's chase for the ex-Barcelona and Udinese star over the past six months.