On Monday Night Football, Gary Neville and Jamie Carragher debated the money the Manchester clubs are willing to spend on Alexis Sanchez On Monday Night Football, Gary Neville and Jamie Carragher debated the money the Manchester clubs are willing to spend on Alexis Sanchez

How much is Alexis Sanchez worth? Gary Neville and Jamie Carragher went head to head on Monday Night Football...

Manchester United are reportedly prepared to pay Alexis Sanchez more than £350,000 per week, £5m in fees to the agents and £35m to Arsenal as the club lead the chase to sign the Chilean.

City, who have ended their interest in signing Sanchez because the cost of the deal has become too expensive, were unwilling to pay more than £20m for a player who is out of contract in the summer, and unprepared to pay him more than their current stars such as Kevin De Bruyne.

Which club is right? Speaking before City ended their interest in the Chilean, Neville and Carragher stated the cases for both sides in a heated MNF debate...

NEV: It's something that's come really late. Someone in Sanchez's camp has given Manchester United inkling that the door's open and it's not a done deal. I thought it was a done deal to Manchester City, I think everybody did.

I don't think anybody thought anything other than Alexis Sanchez would be playing for Pep Guardiola at Manchester City, but from what we hear he's close to signing for Manchester United. I still don't believe that because I just don't see the economics.

I'm just looking at it economically. Manchester United have apparently offered £35m, £5m for an agent fee and £350,000 a week which comes in at just over £100m for Alexis Sanchez, who is 29 years old.

City are apparently saying they won't pay more than £72m. Gone are the days where you can think a Bosman signing is going to cost you less than it would do if you were paying a fee to a club.

If Sanchez had two years left on his contract you'd have to pay Arsenal £75m to £80m and him £200,000 to £250,000 a week. It would cost you £100m. He's going to cost £100m anyway so I'm not quite sure what City's economics are, particularly when they've spent £50m on Kyle Walker and the package of his wages over five years might cost £80m.

They're willing to put more into Walker than they are Sanchez. I'm struggling to see why it doesn't make sense for City to pay more to get Sanchez because ultimately it seems to me City think they can get him cheaper than the market would be offering for a player of that quality. That's what doesn't make sense to me.

CARRA: It's not about money. It might be for Sanchez but not for City. They're not bothered about an extra £30m, what's that to City? It's absolutely nothing. It's the fact the man, I would say, has given his word that he's going to go to City.

He's probably shook hands on a deal. They tried to get him in the summer but Arsenal pulled out of it. I'm sure they've been talking all the way through, saying we'll get you when the window re-opens. Manchester United have come from nowhere and offered more money. That's not a criticism of United, maybe they have to pay more money at this moment in time than City to get players.

However, it looks like he's backed out of a deal and that's why City have backed away from the deal not because of £30m. You're the owner of Salford and if you were in Manchester City's position and a player did that, I think you'd walk away. Or would you say we'll match the offer?

Alexis Sanchez 's Arsenal contract expires next summer

NEV: If all of a sudden City, on Virgil van Dijk and Alexis Sanchez, adopt an approach where they say that's our ceiling, that's where we'll go to and not any further then I wouldn't disagree with it.

I'd probably even promote that approach from a football club. However, it's not been how City have acted in the time Sheikh Mansour has been at the club. When Dimitar Berbatov came up, when Robin van Persie came up, Samir Nasri and Carlos Tevez, they've always fought tooth and nail against Manchester United to match them for money.

City thought this deal was done twice now, surely it's a matter of principle now?

NEV: Let's just consider what's happened here. United have offered the player £3m a year more than City but let's forget that for a second. United have offered Arsenal £15m more so why would Arsenal sell to City over United?

CARRA: I don't think that has got anything to do with it.

NEV: Of course it's got something to do with it.

Ryan Giggs says whichever club Alexis Sanchez plays for is 'extremely lucky' amid interest in the forward from both Manchester United and Manchester City Ryan Giggs says whichever club Alexis Sanchez plays for is 'extremely lucky' amid interest in the forward from both Manchester United and Manchester City

CARRA: It hasn't because Sanchez would just sit there and say I'm not going.

NEV: And Arsenal would just sit there and say we're not selling.

CARRA: And lose him for nothing? The reason they are trying to get rid of him is because he's a cancer in the dressing room.

Alexis Sanchez has 121 goals and assists combined for Arsenal

NEV: When you are Manchester United you spend £95m on Paul Pogba, you spend £80m on Romelu Lukaku and with the wages you've got £120m and even £150m invested in both of them.

Sanchez becomes quite cheap at £100m. if you think about Neymar at £200m and Philippe Coutinho at £140m, I get the point on the morals, but I'm not sure why City won't match them financially.

CARRA: It's not about the money.

NEV: So you're telling me that City have adopted the height of morality and principle and all of a sudden they can offer less money to a club…

Pep Guardiola refused to comment on the future of Arsenal's Alexis Sanchez but says Man City will try and make signings in January Pep Guardiola refused to comment on the future of Arsenal's Alexis Sanchez but says Man City will try and make signings in January

CARRA: It's not about offering less money.

NEV: So what is it then?

CARRA: They've had a deal, they've shook on a deal and someone's come in at the last minute and offered more money. That's the problem. You can't talk about City not offering big money. The figures being bandied about, it's big money. It's all about the player backing out of a deal.

Sanchez (L) missed out on a £60m move to Man City last summer

In terms of Manchester City, maybe they think they don't have to pay as much as Manchester United because they are more of an attractive proposition with Pep Guardiola as their manager?

NEV: I find it very difficult to think that City can offer less money to a football club, less money to an agent and less money to a player and all of a sudden the player's going to take £3m less, the agent is going to take £5m less and the Arsenal are going to take £15m less because everyone wants to go and play for Pep Guardiola.

CARRA: If you're an attacking player you'd to sign for Guardiola, if you're a defender you'd sign for Jose Mourinho.

Steve McClaren thinks Alexis Sanchez wants to leave Arsenal because he is not improving in Arsene Wenger's side Steve McClaren thinks Alexis Sanchez wants to leave Arsenal because he is not improving in Arsene Wenger's side

NEV: We're going to pay £30m less to those three parties but we still think the player should come to us. How can that be? This is Manchester United by the way. We're not talking about going to play for Salford, we're talking about one of the biggest clubs in the world, Manchester United.

They've offered £30m more and it's still a very attractive proposition. I get City's point around the morals but for them to go and sign another Sanchez style player it's going to cost them £130m to £140m.

CARRA: So if you were Manchester City, would you walk away from the deal if a player did that to you?

NEV: I may have done but I'm struggling to understand where Manchester City, who in the past have been aggressive, in competing with United for players, are coming from in saying they won't go any further for Sanchez.

Arsene Wenger has admitted Sanchez's future will be sorted imminently

CARRA: So you're agreeing with City and United?

NEV: I do not understand the economics from City to think they can only offer a £70m package for a player that should be worth £120m to £130m in the market. I don't understand it, it doesn't make sense. They've always been a club that have matched United toe-to-toe for money. I don't understand why they think they don't have to now.

Watch Gary Neville and Jamie Carragher's heated exchange on Monday Night Football in the video at the top of the page!