The Arsenal star has less than a year left on his contract and is refusing to sign an extension.

A new striker has emerged as a key priority for Bernabeu bigwig Florentino Perez.

He is unimpressed by Karim Benzema but the France international continues to retain the support of head coach Zinedine Zidane.

According to Spanish news outlet Don Balon, Perez is in talks with Sanchez’s representatives.

He is eager to know whether Sanchez fancies a move to the club.

Sanchez is free to discuss a move with foreign clubs in January ahead of a freebie move next summer.

But Real believe they could snap him up for a discounted price when the transfer window reopens.

Sanchez is desperate to leave Arsenal and fancies the move back to Spain.

Don Balon report that his only concern is whether he would have to play second-fiddle to Karim Benzema.

Sanchez played for Real’s arch-rivals Barcelona before joining Arsenal in 2014.