Arsenal transfer news: Alexis Sanchez could be swapped for Raheem Sterling

Etihad bosses are willing to give Arsenal £25m in cash plus England star Sterling in return for Sanchez.

Pep Guardiola is desperate to land the Chilean superstar before tomorrow’s transfer window closes.

But the billionaires have left it late to get a deal over the line and have less than 48 hours to land their man.

Sanchez, 28, has refused to sign a new contract with the Gunners and is desperate to leave the Emirates.

He made his first appearance of the season in last weekend’s 4-0 drubbing at Anfield but spent most of the time sulking and was hauled off after 60 minutes.

He knows he can double his wages at the Etihad and has set his heart on being reunited with Guardiola, who managed him at Barcelona.

Sanchez has asked his international bosses if he can leave the Chile camp to come back to England for 24 hours to push through a move to Manchester.

Starsport understands Sterling, 22, is open to a move to the Gunners and the deal now hinges on whether or not Arsene Wenger wants the winger instead of a straight cash deal.

The Gunners had asked for Sergio Aguero to be involved in the deal, but City have offered them Sterling instead.

Sterling cost City £49m when he joined them from Liverpool in 2015 and Etihad chairman Khaldoon Al-Mubarak reckons his valuation still holds firm.

News that Guardiola is willing to let Sterling leave shows just how desperate the Spanish boss is to get Sanchez.

The Manchester City boss sanctioned the club’s move for Sterling in the first place - before he had even succeeded Manuel Pellegrini.

But since then Guardiola has gone on to sign the likes of Kevin De Bruyne, Leroy Sane, Ilkay Gundogan and Bernardo Silva.

Sterling has made an impressive start to the new season but knows he is no longer one of Guardiola’s favourite stars and would be guaranteed first team football with the Gunners.

If Guardiola and his bosses manage to strike a deal with the London outfit it will take their summer spending through the £300m barrier.

Sanchez’s arrival would also raise more question marks about the future of Aguero.

The Argentine ace was dropped to the bench for last weekend’s win at Bournemouth and is becoming increasingly disillusioned with his role in the squad and Guardiola’s long-term plans.

Arsenal made another check on Paris St-Germain’s Julian Draxler and are ready to move for him if Sanchez leaves.

They are also in a two-way fight with City over West Brom’s Jonny Evans, who favours a move to the Etihad.