The Alexis Sanchez transfer saga is poised to drag until the end of the transfer window.
With just two weeks left for clubs to complete all their deals before the end of the season, it is still unclear whether Sanchez will remain with Arsenal or secure a move away.
Manchester City have been closely monitoring Sanchez's movements all summer and could yet make a big bid to try and lure him to the Etihad.
Arsenal boss Arsene Wenger, however, is confident that he will be able to keep hold of his prized asset for one more summer.
Here is everything we know so far, as the transfer battle goes down to the wire...
THE FACTS
Sanchez is out of contract next summer
Sanchez's refusal to sign a new contract with Arsenal has proven to be the biggest stumbling block during the transfer saga.
The Gunners are determined to have him see out of the rest of his contract - but risk losing out on a substantial fee for him if they don't sell up.
The other Arsenal players who are, as it stands, free to leave Arsenal next summer are Mesut Ozil, Santi Cazorla, Alex Oxlade-Chamberlain, Jack Wilshere, Per Mertesacker (retiring), Kieran Gibbs, Joel Campbell, Carl Jenkinson, Matt Macey.
Arsenal prepared to take "financial sacrifice" to keep him
Wenger insists that Arsenal are prepared to miss out on a payday to keep Sanchez at the club for one more season.
Speaking in his most recent press conference, he said: “It is a financial sacrifice. It is a sacrifice that you have to calculate how much it costs. If you let the player go and you buy somebody, you maybe spend more than you lose.
“And if you extend the contract it maybe costs you more than you lose when you keep the player.
"You have to consider as well the length of the contract that the players want. So [when] all that is into consideration, the financial sacrifice is not as heavy as it looks.
“It’s my decision, but the board has to, of course, agree with me. And if they don’t agree we have to consider it as well, and I will accept it. But the board is behind me on that.”
City will make one last attempt
Manchester City will make a huge bid for Sanchez before the transfer window shuts - but have not submitted their approach yet.
They are ready to test Arsenal’s resolve to keep Sanchez with a mega offer in excess of £50m as they have not given up on signing the Chile star.
Arsenal remain confident that Sanchez will stay for the final year of his contract - and have not given up on him signing a new deal.
But that will not deter City from making their move as they are long term admirers while Paris Saint Germain, Bayern Munich and Chelsea have all shown interest but gone cold.
Sanchez could make Arsenal return vs Liverpool
Despite the transfer speculation, Sanchez is set to make his long-awaited return to Arsenal action when they take on Liverpool next week.
The Chilean missed the opening game of the season against Leicester and will sit out of the trip to Stoke as he continues his late pre-season following his international exploits.
He is also in the final stages of his recovery from an abdominal injury.
THE RUMOURS
Initial City approaches turned down
Sanchez's agent claims Arsenal have already rejected a massive bid for the player from Manchester City, claim reports.
Fernando Felicevich told Chile newspaper El Mercurio that the Blues offered £45million for Sanchez, but the Gunners don't want to sell.
Don Balon are also convinced City are still in the hunt for Sanchez, claiming a £60m offer has been made and turned down.
They continue to link Sanchez with a potential move to Real Madrid as well.
Arsenal have offered £300k-a-week contract
Arsenal have reportedly offered Sanchez a new £300,000-a-week deal as part of their attempts to make him stay.
The Chilean has one year remaining on his current contract and has so far refused to sign an extension.
He appears to have accepted Arsenal's stance that he won't be sold this summer but there is hope he will stay beyond this season.
The Mail reported the deal would make Sanchez the Premier League's highest-paid player.
PSG will not try and sign Sanchez
Paris Saint-Germain have reportedly ended their interest in Sanchez.
The French side have been among clubs interested in signing him, at one points being the overwhelming favourites to secure his signature.
But according to the Telegraph , the Ligue 1 side are no longer in for Sanchez following the world record £199million signing of Neymar from Barcelona.
The report suggests that PSG had a shortlist of Neymar, Sanchez or Kylian Mbappe this summer and landed their number one target in the Brazilian.
City players openly discussing Sanchez's arrival
Manchester City players have reportedly been openly discussing the potential arrival of Sanchez this summer.
There is anticipation within the squad that the Chilean will head to the Etihad this summer, report the Manchester Evening News.
Guardiola is determined to add even more firepower to his attack and has pursued Sanchez and Kylian Mbappe throughout this transfer window.