That's according to the Daily Mail who say the Gunners want to make him the best-paid player in England.
Sanchez has less than 11 months left to run on his current deal and would be able to talk to clubs outside of the Premier League from January 1.
The Chile superstar was thought to be holding out for around that figure and may be tempted to stay.
But with Arsenal dropping out of the Champions League for the first time in over two decades Sanchez could still snub the offer.
The Mail say he has rejected an offer worth £225,000-a-week.
Manchester City and Paris St-Germain are at the front of the queue should Sanchez become available.
Arsenal are insisting Sanchez will not leave this month whether he signs fresh terms or not.
Earlier today, Wenger said: “In the short term he will remain an Arsenal player.
"Whether we manage to get him to sign an extension or not… we have so far not been able to.
"On that level I am not superbly optimistic.
"We have the firm intention not to sell him."
