Arsene Wenger insists that financial implications are not important when it comes to Alexis Sanchez entering the final year of his Arsenal contract.

The Chilean star has one year remaining on his existing deal and would be able to depart the Emirates Stadium for nothing next summer if he doesn't sign an extension.

Wenger has remained untroubled by that prospect and says the potential impact of Sanchez on the field next season will outweigh any financial losses if he leaves for free.

Arsene Wenger says Arsenal are prepared to take the financial hit of losing Alexis Sanchez on a free transfer next summer if the Chilean doesn't sign a new contract

The Gunners manager said there is no update on Sanchez's situation

The Chilean is currently out with a muscle strain and watched Arsenal's opening Premier League match against Leicester from the stands

Asked for an update on Sanchez's contract situation ahead of Saturday's Premier League trip to Stoke City, he said: 'We have not progressed on that front.

'At the moment he is a player that goes into the final year of his contract and we make no progress on that front.

'It is a consequence of what I say unfortunately but we have to make a choice between efficiency on the field and financial interest.

'In this case, I prioritise the sporting side.'

Wenger confirmed that Sanchez, who is the subject of interest from Premier League rivals Manchester City and Chelsea, won't be fit for the visit to Stoke as he recovers from a muscle strain.

Sanchez is about to enter the final year of his Arsenal contract with no fresh deal in sight

Chelsea and Manchester City have been linked with moves for the Chilean star this summer

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The Chilean is in training and could return for the Gunners' visit to Liverpool next weekend.

Wenger also insisted that the ongoing Sanchez situation bears no comparison to that of Diego Costa at Chelsea.

The Spain striker has missed the beginning of the season and is currently at his family home in Brazil as he tries to force through a move to Atletico Madrid, having been told by manager Antonio Conte he isn't part of his plans.

Wenger said: 'I don't think there is any comparison at all because we want him [Sanchez] to be with us and Chelsea does not necessarily want that.'

The Frenchman also confirmed he will support potential plans to close the summer transfer window before the Premier League kick-off from next year.

Some club chairman and a number of managers are keen on the idea and Wenger added his support.

Chelsea striker Diego Costa is currently in limbo as he tries to engineer a move away

He said: 'I think for the regularity of the season it is better. As well for psychological comfort of the manager and the focus, it is better to start the season with everyone on the train and we stay on the train.

'You spend your whole summer on the transfer market, we had 10 weeks. People will adapt. When there are just 3-4 days to go, everyone comes out of the bushes, says we are alive, we are here and we want to buy.'