Manchester City are expected to make an improved bid for Alexis Sanchez on Wednesday after having an opening cash offer of £50 million for the Chile forward rejected by crisis-torn Arsenal.

City favour a straight cash deal for Sanchez but Arsenal are thought to want England forward Raheem Sterling in addition to a significant sum if they are to countenance a sale before the close of the transfer window on Thursday night.

Sterling, who cost City £49m from Liverpool two years ago, is understood to be open to a move to the Emirates Stadium in the belief that Sanchez’s arrival would push him further down the pecking order, despite his impressive start to the season.

If City manage to persuade Arsenal to sell Sanchez, the transfer is likely to raise fresh doubts over Sergio Aguero’s long-term future at City.

Sergio Aguero's future at Man City is up in the air credit: GETTY IMAGES

While Arsenal and City wrestle over Sanchez, it also emerged that Arsene Wenger is trying to muscle in on Pep Guardiola’s attempts to sign Jonny Evans from West Bromwich Albion, even though the Northern Ireland defender’s preference is to join City.

Sanchez has told friends he is desperate to leave Arsenal for City, although reports the striker requested permission on Tuesday to leave Chile’s training camp ahead of Thursday's World Cup qualifier against Paraguay in Macul in order to settle his future have been disputed.

City could send a team to Chile to conduct a medical if necessary and have already agreed the framework of personal terms worth around £325,000 a week.

Arsenal were reported to have initially enquired about taking Aguero in return for Sanchez but the Argentina striker has no interest in joining the embattled North London club, whose 4-0 thrashing by Liverpool on Sunday compounded the problems facing Wenger.

Sergio Aguero's relationship with Pep Guardiola is thought to be strained credit: GETTY IMAGES

But The Daily Telegraph understands that Aguero is growing increasingly disillusioned under Guardiola and will consider his future if his demotion to the substitutes bench for Saturday’s 2-1 win at Bournemouth becomes a more regular occurrence.

The prospect of Sanchez joining City will intensify what is already fierce competition for places in attack and, like Sterling, Aguero harbours concerns about being in and out of the team, especially with the World Cup finals taking place in Russia next summer and the potential repercussions for his international place.

If Aguero ends up being regularly overlooked for Gabriel Jesus, and Sanchez should he sign, it is not unfeasible that the 29 year-old could look for an exit route in January, despite his strong affection for City.

Many of Aguero’s team-mates at City, convinced that he remains one of the world’s best strikers, cannot understand why he is at risk of being marginalised by Guardiola. Aguero managed 33 goals for City last season, despite the strain in his relationship with Guardiola.

Alexis Sanchez is thought to be keen to join Man City credit: GETTY IMAGES

Nonetheless, it has been noted that he has cut a glum figure in recent weeks and that his body language has betrayed his general unhappiness. Aguero appeared to demonstrate his dismay at being left out against Bournemouth by staying on the team bus for several minutes after his team-mates had disembarked. It was also reported that Aguero did not take part in the pre-match warm up.

Aguero is hugely popular among City fans and his standing among the club’s support only increased on Saturday when he tried to come to the defence of a fan who had been pinned to the ground by stewards after Sterling’s 97th-minute winner against Bournemouth sparked wild celebrations.

Bournemouth withdrew an allegation by one of their stewards that he had been hit by Aguero, who is seven goals short of equalling Eric Brook’s all-time City record of 170 goals.

Sergio Aguero tried to come to the defence of a fan credit: PA

Arsenal have insisted Sanchez is not for sale, but with less than 12 months left on his contract, they risk losing a £70m asset for nothing next summer. Yet if City are to force through a deal at this late stage, they recognise they may have to show flexibility by parting company with a player such as Sterling if Arsenal rebuff a straight cash deal.

Even if Sterling stayed at City for now, though, any willingness to trade with Arsenal over the next 48 hours would offer a clear indication of where he stands in the pecking order.

As well as the winner against Bournemouth, Sterling scored the equaliser in the 1-1 draw against Everton five days earlier but Leroy Sane, Jesus and Bernardo Silva are considered better prospects in the longer-term.

Guardiola admitted at the weekend that Sterling needed to become more consistently ruthless in front of goal if he was to develop into an “incredible player”.

Raheem Sterling could move to Arsenal as part of a player exchange credit: REUTERS

City, meanwhile, remain the firm favourites to sign Evans, the former Manchester United centre half for whom West Brom want £30m, despite Arsenal’s interest. Arsenal – who have agreed to sell left-back Kieran Gibbs to West Brom for £7m - enquired on Monday night about Evans, for whom they had a bid rebuffed last year. Leicester City are also interested in Evans and had a £23m offer rejected this week.

Evans, 29, is currently training at City’s CFA HQ with the Northern Ireland squad ahead of their World Cup qualifiers away to San Marino on Friday and against Czech Republic in Belfast three days later.

Eliaquim Mangala could join West Brom on loan from City in the event Evans goes the other way, but the France defender favours a move to Inter Milan.