Alexis Sanchez could leave Arsenal for free next summer (Picture: Getty)

Arsenal boss Arsene Wenger says the club are taking a financial ‘sacrifice’ over Alexis Sanchez, who is likely to leave the club on a free transfer next summer.

The Chilean has less than 12 months to run on his existing deal at the Emirates and wants to leave the club to play in the Champions League.

The forward’s representatives confirmed on Thursday that the Gunners had rejected a £44million bid from Manchester City for Sanchez, though they expect Pep Guardiola’s men to make another offer.

Wenger has remained adamant throughout the summer that Sanchez will not be sold but he’s hinted he will leave on a free next summer rather than signing a new deal.

Sanchez has less than a year to run on his deal (Picture: Getty)

‘Look, let’s not be wrong, it’s not an ideal situation on the financial side and it demands some sacrifice,’ said Wenger.

‘But first of all it doesn’t mean the players who are in the final year of their contract will not extend their contract. You have still that possibility and we work on that as well.

‘That [leaving next summer on a free] is a consequence of what I say, yes unforunately but we have to make a choice between efficiency on the field and financial interest and most of the time if you can find a good compromise it’s better.’

Man City have had a bid rejected for Sanchez (Picture: Getty)

Wenger is clearly not giving up hope of Sanchez signing a new deal but he admits talks have not developed well over the summer.

‘At the moment no, because we have not progressed on that front,’ continued Wenger.

‘He is a player who goes into the final year of his contract and prepares for the season.’

MORE : Antonio Conte fighting to convince Chelsea board to sign Manchester United target Ivan Perisic