Arsenal rejected a £50million bid from Manchester City for the Chilean last night, with the Gunners desperate to keep hold of their star man.
However, Alexis Sanchez is thought to be pushing for a move away from the Emirates and has reportedly left international duty with Chile to sort out his future.
A potential swap deal has also been discussed that would see Raheem Sterling move to north London with Sanchez going the opposite way.
Alex Oxlade-Chamberlain and Shkodran Mustafi could also be leaving the Gunners before tomorrow’s 11pm deadline and former Manchester United defender Neville is concerned too many departures could have a negative impact at the club.
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Arsenal transfer news: Could a swap deal involving Alexis Sanchez and Raheem Sterling be completed?
Arsenal's transfer window could be more defined by what they lose rather than what they sign.
Gary Neville
“If they were to lose two or three players without replacing them then they could be overwhelmed with negativity at the club,” he told Sky Sports.
“I saw it a lot last season and didn't enjoy it. Now they've got Alex Oxlade-Chamberlain, Shkodran Mustafi and potentially Alexis Sanchez leaving.
“Arsenal's transfer window could be more defined by what they lose rather than what they sign.
“My view on the potential swap deal of Sanchez for Raheem Sterling is that it may get them money but it is not a transfer that makes them better as Sterling is still too inconsistent.
“Sanchez would certainly strengthen Manchester City because of his finishing, which they've struggled with, and he plays in the spirit of Pep Guardiola when he's on his game.
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Arsenal transfer news: Alex Oxlade-Chamberlain could also be leaving the Emirates
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“I think Sanchez is obviously a player Pep has wanted and I could see it going through.
“Arsene Wenger has tried to keep him but I think when a player's negativity gets to the point when it's so overwhelming that it's affecting the whole team then you have to sell.
“For me, it is a sad indictment that a player who optimises hard work and passion could switch off for the last six months because I don't think it reflects his true character.
“From Arsenal's point of view, I'm a little bit sad because I didn't want them to be a story and I wanted the questions about Wenger to fade away because they are a great club and he is a great manager.
“I’m concerned that if the business isn't good then they could be consumed by negativity.”
