An initial bid of around £22 million is understood to have been made but Arsenal have the funds to go higher and are actively trying to prevent Sánchez being used in a makeweight for Luis Suárezs proposed move from Liverpool to Barcelona.
Although it might suit both Liverpool and Barcelona for Sánchez to be part of the Suárez deal, Arsenal know that the final decision is ultimately likely to rest with the player. Despite Liverpools Premier League title push, Arsenal will hope that their consistent participation in the Champions League and their superior financial strength will help persuade Sánchez that they represent a better long-term option.
They will also stress the opportunity to play alongside some of the most creative players in the Premier League, including Mesut Özil, Santi Cazorla, Aaron Ramsey and Theo Walcott.
The sense in Spain is that his initial preference would be Arsenal, a scenario that would leave Liverpool needing to decide whether they would be willing to sell Suárez for a straight cash fee. They would also then be well aware of the indirect impact of helping Arsenal to sign Sánchez.