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­Arsene Wenger will let Alexis Sanchez move to Manchester City for £35million this month... providing he can sign Riyad Mahrez to ­replace him.

Wenger wants a proven high-profile signing in place before he will sanction contract rebel Sanchez’s move.

Arsenal tried, and failed, to get Thomas Lemar from Monaco on deadline day in August, and that in turn scuppered a City move then for Sanchez.

Liverpool are now the ­favourites to sign Lemar to fill the gap as Philippe Coutinho seals his move to Barcelona.

(Image: Reuters) (Image: Getty Images)

And Wenger has turned his attention to £40m-rated Mahrez, but could again face ­competition from Liverpool if the Kop’s deal for Lemar falls down.

Leicester are ready to fight to keep Mahrez, who pushed for a move last ­summer – but he would welcome a move to Arsenal. One possible stumbling block for City in any Sanchez move might be in agreeing a financial package.

The striker turned 29 last month and this will be his last major contract with a top-level club.

(Image: AFP/Getty)

He also knows that he will be a strong position if he stays at Arsenal until the end of the season, because he would then be a free agent and able to command a massive signing-on fee.

Cash-rich Paris Saint-Germain are capable of matching Sanchez’s ­demands, although they are ­currently frustrated by Financial Fair Play rules.

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It means they must sell ­players such as Angel Di Maria, Javier Pastore or Julian Draxler before contemplating another highly-expensive signing.

That gives City the advantage – but Sanchez is certain to play hardball over finances.

The Chilean would welcome the chance to work again with Pep Guardiola, who was his boss at Barcelona.