Arsenal will demand a fee close to £50million for Alexis Sanchez this summer if he fails to agree a new contract with the club.

The 28-year-old has just over 14 months left on his current deal but negotiations have failed to progress for months with the player’s representatives demanding his £130,000-a-week salary is doubled to bring him into line with the Premier League’s highest earners.

Relations between Sanchez and his team-mates have become strained in recent weeks with a training ground row partly behind manager Arsene Wenger’s decision to drop the Chile international to the bench for Arsenal’s 3-1 defeat at Liverpool earlier this month.

Wenger confirmed last week that further talks have been put on hold until the end of the season as the club concentrates on arresting an alarming decline which has seen them fall to sixth place in the League, six points behind fourth-placed Liverpool.

Arsenal remain hopeful an agreement can still be reached with Sanchez but are increasingly resigned to cashing in on the forward, who has scored 23 goals and registered 12 assists this season.

Sanchez has grown frustrated at Arsenal’s inability to compete for major domestic and European honours. A failure to finish in the top four this term would almost certainly be the final straw.

Arsenal do not want to risk losing Sanchez for nothing in 2019 and Standard Sport understands they are optimistic he will command a sizeable fee despite having just a year left on his existing deal.

In Pictures | Arsene Wenger's 22 years at Arsenal 23 show all In Pictures | Arsene Wenger's 22 years at Arsenal 1/23 The Arsene Wenger years... Ian MacNicol/Getty Images 2/23 1996/97: Wenger takes over at Highbury After much speculation Arsenal appoint Wenger, their first manager from outside the UK



Premier League: Third



FA Cup: Fourth Round



Uefa Cup: First Round Stu Forster/Allsport/Getty Images 3/23 1997/98: Wenger at the double Arsenal win the double in Wenger’s first season in charge, following their 1971 success



Premier League: Champions



FA Cup: Winners



Uefa Cup: First round Ben Radford/Allsport/Getty Images 4/23 1998/99: So close but Man United taste glory Wenger ends the season trophyless after twice being pipped by Alex Ferguson



Premier League: Second



FA Cup: Semi Finals



Champions League: Group stage Matthew Peters/Manchester United via Getty Images 5/23 1999/00: Off the pace Arsenal finish well behind Manchester United in the league and exit Europe at the hands of Fiorentina



Premier League: Second



FA Cup: Fourth Round



Champions League: Group stage Adrian Dennis/AFP/Getty Images 6/23 2000/01: Cup final heartbreak Michael Owen strikes late to end their FA Cup dreams but the signing of Robert Pires heralds a bright new era for Arsenal



Premier League: Second



FA Cup: Finalists



Champions League: Quarter final Adrian Dennis/AFP/Getty Images 7/23 2001/02: Double double Wenger wins his second league and cup double as Arsenal win their last 13 league games



Premier League: Winners



FA Cup: Winners



Champions League: Second group stage Shaun Botterill/Getty Images 8/23 2002/03: Cup no consolation Man United overhaul Arsenal in a season where the FA Cup is not enough for this side



Premier League: Second



FA Cup: Winners



Champions League: Second group stage John Peters/Manchester United/Getty Images 9/23 2003/04: Invincibles Arsenal go unbeaten throughout a league season, the first side to do so since the 1880s



Premier League: Winners



FA Cup: Semi-finals



Champions League: Quarter finals Arsenal FC via Getty Images 10/23 2004/05: End of an era Arsenal win the FA Cup in Patrick Vieira’s final season while Chelsea emerge as their new rivals



Premier League: Second



FA Cup: Winners



Champions League: Round of 16 Adrian Dennis/AFP/Getty Images 11/23 2005/06: Highbury farewell Arsenal nearly crown their last season at Highbury with victory in the Champions League but are forced to settle for runners-up to Barcelona and Wenger’s lowest league finish



Premier League: Fourth



FA Cup: Fourth Round



Champions League: Finalists Shaun Botterill/Getty Images 12/23 2006/07: Hard times ahead In his final season at the club Thierry Henry led a youthful side to a creditable fourth place but the gap to Chelsea and Manchester United seemed to be growing



Premier League: Fourth



FA Cup: Fifth Round



League Cup: Finalists



Champions League: Round of 16 Clive Mason/Getty Images 13/23 2007/08: Injuries cost the Gunners A horrifying leg break for Eduardo against Birmingham in February curtailed a season that had seen Arsenal challenge for the title



Premier League: Third



FA Cup: Fifth Round



Champions League: Quarter finals Adrian Dennis/AFP/Getty Images 14/23 2008/09: Spending big again Samir Nasri and Andrey Arshavin arrived in big money deals but a poor start left Arsenal well off the pace domestically



Premier League: Fourth



FA Cup: Semi finals



Champions League: Semi finals Alex Livesey/Getty Images 15/23 2009/10: Progress stalled An impressive squad was hampered by injuries to the likes of Robin van Persie, Tomas Rosicky and Cesc Fabregas as success continued to elude Wenger



Premier League: Third



FA Cup: Fourth Round



Champions League: Quarter finals Adrian Dennis/AFP/Getty Images 16/23 2010/11: Birmingham Blues Six years without a trophy became seven as a calamitous mix-up between Laurent Koscielny and Wojciech Szczesny saw Birmingham win the League Cup final



Premier League: Fourth



FA Cup: Sixth Round



League Cup: Finalists



Champions League: Round of 16 Adrian Dennis/AFP/Getty Images 17/23 2011/12: Van The Man Robin van Persie provides excitement on his way to 37 goals and the Golden Boot before departing for Manchester United in the summer.



Premier League: Third



FA Cup: Fifth Round



Champions League: Round of 16 David Price/Arsenal FC via Getty Images 18/23 2012/13: Earning their Spurs Arsenal hauled in their local rivals, cutting a seven point gap in 10 games, to secure their customary Champions League spot



Premier League: Fourth



FA Cup: Fifth Round



Champions League: Round of 16 Ian MacNicol/AFP/Getty Images 19/23 2013/14: World-class talent brings trophies back The arrival of Mesut Ozil brought excitement to the Emirates and a season that saw Arsenal mount a major title challenge ended with an FA Cup trophy



Premier League: Fourth



FA Cup: Winners



Champions League: Round of 16 Shaun Botterill/Getty Images 20/23 2014/15: Further progress on and off the pitch Alexis Sanchez added more world class talent but Arsenal were once more forced to settle for cup and not league success



Premier League: Third



FA Cup: Winners



Champions League: Round of 16 David Price/Arsenal FC via Getty Images 21/23 2015/16: By a nose Arsenal disappointed in the title race as Leicester held their nerve for a stunning triumph, but there was late joy for the Gunners as they celebrated St Totteringham's Day due to Spurs' late collapse.



Premier League: Second



FA Cup: Fifth Round



Champions League: Round of 16 David Price/Arsenal FC via Getty Images 22/23 2016/17: The toughest season yet Wenger faced fan mutiny as his side failed to keep pace with the top six. Though as ever they turned it around in the closing months of the season it was too little too late as they fell short of the top four for the first time in the Frenchman's reign.



An FA Cup win over Chelsea eased the pressure somewhat as Wenger and the Arsenal board agreed a two-year deal to keep the Frenchman in charge.



Premier League: Fifth



FA Cup: Winners



Champions League: Round of 16 Adam Davy/PA 23/23 2017/18: The end A slow start in the Premier League only got worse in the new year, where Arsenal lost all of their first eight Premier League games on the road. With the top four slipping further away Wenger announced he would leave at the end of what ended up as his worst season at the club.



Premier League: Sixth



FA Cup: Third Round



League Cup: Finalists



Europa League: Semi-finals PA 1/23 The Arsene Wenger years... Ian MacNicol/Getty Images 2/23 1996/97: Wenger takes over at Highbury After much speculation Arsenal appoint Wenger, their first manager from outside the UK



Premier League: Third



FA Cup: Fourth Round



Uefa Cup: First Round Stu Forster/Allsport/Getty Images 3/23 1997/98: Wenger at the double Arsenal win the double in Wenger’s first season in charge, following their 1971 success



Premier League: Champions



FA Cup: Winners



Uefa Cup: First round Ben Radford/Allsport/Getty Images 4/23 1998/99: So close but Man United taste glory Wenger ends the season trophyless after twice being pipped by Alex Ferguson



Premier League: Second



FA Cup: Semi Finals



Champions League: Group stage Matthew Peters/Manchester United via Getty Images 5/23 1999/00: Off the pace Arsenal finish well behind Manchester United in the league and exit Europe at the hands of Fiorentina



Premier League: Second



FA Cup: Fourth Round



Champions League: Group stage Adrian Dennis/AFP/Getty Images 6/23 2000/01: Cup final heartbreak Michael Owen strikes late to end their FA Cup dreams but the signing of Robert Pires heralds a bright new era for Arsenal



Premier League: Second



FA Cup: Finalists



Champions League: Quarter final Adrian Dennis/AFP/Getty Images 7/23 2001/02: Double double Wenger wins his second league and cup double as Arsenal win their last 13 league games



Premier League: Winners



FA Cup: Winners



Champions League: Second group stage Shaun Botterill/Getty Images 8/23 2002/03: Cup no consolation Man United overhaul Arsenal in a season where the FA Cup is not enough for this side



Premier League: Second



FA Cup: Winners



Champions League: Second group stage John Peters/Manchester United/Getty Images 9/23 2003/04: Invincibles Arsenal go unbeaten throughout a league season, the first side to do so since the 1880s



Premier League: Winners



FA Cup: Semi-finals



Champions League: Quarter finals Arsenal FC via Getty Images 10/23 2004/05: End of an era Arsenal win the FA Cup in Patrick Vieira’s final season while Chelsea emerge as their new rivals



Premier League: Second



FA Cup: Winners



Champions League: Round of 16 Adrian Dennis/AFP/Getty Images 11/23 2005/06: Highbury farewell Arsenal nearly crown their last season at Highbury with victory in the Champions League but are forced to settle for runners-up to Barcelona and Wenger’s lowest league finish



Premier League: Fourth



FA Cup: Fourth Round



Champions League: Finalists Shaun Botterill/Getty Images 12/23 2006/07: Hard times ahead In his final season at the club Thierry Henry led a youthful side to a creditable fourth place but the gap to Chelsea and Manchester United seemed to be growing



Premier League: Fourth



FA Cup: Fifth Round



League Cup: Finalists



Champions League: Round of 16 Clive Mason/Getty Images 13/23 2007/08: Injuries cost the Gunners A horrifying leg break for Eduardo against Birmingham in February curtailed a season that had seen Arsenal challenge for the title



Premier League: Third



FA Cup: Fifth Round



Champions League: Quarter finals Adrian Dennis/AFP/Getty Images 14/23 2008/09: Spending big again Samir Nasri and Andrey Arshavin arrived in big money deals but a poor start left Arsenal well off the pace domestically



Premier League: Fourth



FA Cup: Semi finals



Champions League: Semi finals Alex Livesey/Getty Images 15/23 2009/10: Progress stalled An impressive squad was hampered by injuries to the likes of Robin van Persie, Tomas Rosicky and Cesc Fabregas as success continued to elude Wenger



Premier League: Third



FA Cup: Fourth Round



Champions League: Quarter finals Adrian Dennis/AFP/Getty Images 16/23 2010/11: Birmingham Blues Six years without a trophy became seven as a calamitous mix-up between Laurent Koscielny and Wojciech Szczesny saw Birmingham win the League Cup final



Premier League: Fourth



FA Cup: Sixth Round



League Cup: Finalists



Champions League: Round of 16 Adrian Dennis/AFP/Getty Images 17/23 2011/12: Van The Man Robin van Persie provides excitement on his way to 37 goals and the Golden Boot before departing for Manchester United in the summer.



Premier League: Third



FA Cup: Fifth Round



Champions League: Round of 16 David Price/Arsenal FC via Getty Images 18/23 2012/13: Earning their Spurs Arsenal hauled in their local rivals, cutting a seven point gap in 10 games, to secure their customary Champions League spot



Premier League: Fourth



FA Cup: Fifth Round



Champions League: Round of 16 Ian MacNicol/AFP/Getty Images 19/23 2013/14: World-class talent brings trophies back The arrival of Mesut Ozil brought excitement to the Emirates and a season that saw Arsenal mount a major title challenge ended with an FA Cup trophy



Premier League: Fourth



FA Cup: Winners



Champions League: Round of 16 Shaun Botterill/Getty Images 20/23 2014/15: Further progress on and off the pitch Alexis Sanchez added more world class talent but Arsenal were once more forced to settle for cup and not league success



Premier League: Third



FA Cup: Winners



Champions League: Round of 16 David Price/Arsenal FC via Getty Images 21/23 2015/16: By a nose Arsenal disappointed in the title race as Leicester held their nerve for a stunning triumph, but there was late joy for the Gunners as they celebrated St Totteringham's Day due to Spurs' late collapse.



Premier League: Second



FA Cup: Fifth Round



Champions League: Round of 16 David Price/Arsenal FC via Getty Images 22/23 2016/17: The toughest season yet Wenger faced fan mutiny as his side failed to keep pace with the top six. Though as ever they turned it around in the closing months of the season it was too little too late as they fell short of the top four for the first time in the Frenchman's reign.



An FA Cup win over Chelsea eased the pressure somewhat as Wenger and the Arsenal board agreed a two-year deal to keep the Frenchman in charge.



Premier League: Fifth



FA Cup: Winners



Champions League: Round of 16 Adam Davy/PA 23/23 2017/18: The end A slow start in the Premier League only got worse in the new year, where Arsenal lost all of their first eight Premier League games on the road. With the top four slipping further away Wenger announced he would leave at the end of what ended up as his worst season at the club.



Premier League: Sixth



FA Cup: Third Round



League Cup: Finalists



Europa League: Semi-finals PA

The Gunners believe the sheer volume of clubs interested in Sanchez will help instigate a bidding war that could drive the price close to £50m; he has proved himself one of the hottest properties in Europe and that figure would reflect a reasonable market rate were it not for the fact the club are in a vulnerable negotiating position given so little time left on his contract.

​Bayern Munich are the latest side to be linked with a move for Sanchez, whose situation is already being monitored by Chelsea, Manchester City, Paris St Germain and Juventus. Manchester United are also thought to be keen but the frosty relationship between Wenger and Jose Mourinho makes a move to Old Trafford particularly complicated.

Arsenal would prefer to sell to an overseas club in an ideal world but that was also the case with Robin van Persie in 2012, only for the player to force through a move to United over Juventus. One report on Tuesday claimed that Chelsea will test Arsenal's resolve this summer.

It would be especially damaging for Wenger and the board if Sanchez was to join a domestic rival given Sanchez’s ongoing popularity with supporters, many of whom have become increasingly vocal over their frustration at the club’s current direction.

​Wenger is yet to decide whether he will remain in charge beyond the end of the season and a change of manager would add a fresh dimension to contract talks with Sanchez and Mesut Ozil, who will then also have just one year remaining.

Should Wenger decide to stay, he would outline his transfer plans with the pair to help convince them the club can challenge for the title next year but if he departs, a new manager’s top priority would be to determine the future of Arsenal’s two highest-profile players.