Arsenal are reportedly ready to let Alexis Sanchez join Manchester City if they receive £80million, according to reports.

It looks increasingly likely that Sanchez will be on his way this summer, with the Gunners keen to cash in on the player rather than lose him for nothing in 2018.

City remain favourites to land the 28-year-old, who reportedly wants £400,000-a-week to sign a new deal at The Emirates, after Bayern Munich pulled out of the running, while Inter Milan have since thrown their hat into the ring.

Pep Guardiola’s men are said to be ready to make a £50m offer for the prolific frontman but the report in the Sun on Sunday states that Arsenal want an extra £30m if they are to sell to a Premier League rival.

Sanchez is said to favour a move to The Etihad in order to compete in the Champions League again, with a source close to the player stating that the Chilean told outlet El Mercurio: “Not having European competition of the level of the Champions League is significant for Alexis.

“He is motivated by playing in it, and winning it.”

Should Sanchez move to City he will once again be linking up with Pep Guardiola, with the pair having worked together at the Nou Camp during the 2011-12 season, winning the Copa del Rey, Spanish Super Cup, Uefa Super Cup and Fifa Club World Cup.