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Superstar Alexis Sanchez is set to give Arsenal a huge boost by pledging his future to Arsene Wenger’s side.

Sanchez and his representatives are understood to have agreed a new five-year deal in principle which will see him sign on until 2020 and with the potential to earn almost £40million in that time.

The 27-year-old, who has been the subject of recent interest from Real Madrid, has been a huge success at the Emirates since joining from Barcelona on a four-year contract in 2014 for £33m.

He signed a deal worth £130,000-a-week and that will now rise to around £150,000, with major incentives written in.

Watch Sanchez score INSANE curler in the warm-up at Watford:

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And that will be followed up with a new deal for Mesut Ozil with - as Mirror Sport revealed in September - Arsenal moving to sort out new contracts for their top stars.

Club captain Mikel Arteta says Sanchez and Ozil are the driving force behind Arsenal’s Premier League challenge.

Arteta said: “They (Sanchez and Ozil) are probably the most creative players in the team along with Santi Cazorla.

"They are the guys who can make the difference for us at any moment. Even if we’re not playing well, you know that they can always provide a spark and win a game for us.

(Image: Stuart MacFarlane) (Image: Stuart MacFarlane)

“We need players right at the top level playing with consistency and these two give us that. We need to find the right balance in the team to give these players freedom on the pitch to affect the result."

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It is understood the club are hopeful of getting them both signed up and they aim to make a joint announcement, which would be a massive lift for their title push.

Sanchez joined in a £33m deal from Barcelona and is very happy at Arsenal and with his life in London.

He has already been part of an FA Cup-winning side and is hoping to help them maintain a title challenge this season.

(Image: David Price)

Ozil, 27, has also been a revelation since the turn of the year, creating 10 assists this season - more than any other player in Europe’s top five leagues.

Arteta, in an interview with Match of the Day magazine, also believes Arsenal can maintain a title push despite the crippling injury list which has struck down Walcott, Jack Wilshere, Alex Oxlade-Chamberlain and Danny Welbeck.

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He said: “We’ve really taken off in the league and we’re in a very good position. When we lost to West Ham at home a few months ago, people probably didn’t expect us to be in the position we’re in at the moment, but we seem to be comfortable.

“The only disappointing thing is the injuries. We’ve lost four players to muscle injuries recently, but we need to find solutions to keep the run going.

“We need to win trophies. We’ve won both the FA Cup and the Community Shield twice in a row, which isn’t easy to do, but we want to go for the Premier League and the Champions League!”

(Image: David Price)

German 2014 World Cup winner Ozil joined from Real Madrid in a £42m deal in summer 2013, signing a deal worth £140,000-a-week that also featured huge add-ons and incentives.

Ozil and his representatives have already held talks about a new contract and both parties are committed to getting it done.

That is likely to see him retain his position as the club’s top earner on around £160,000-a-week as they also look to tie him down on a five-year deal.

Arsenal have already secured defender Nacho Monreal and forward Theo Walcott on new contracts, and now their biggest duo are set to follow suit.