Sanchez is likely to leave Arsenal by the end of the season after entering the final year of his contract.
According to Spanish news outlet Don Balon, he has three offers on the table ahead of the transfer window reopening in January.
Manchester City are prepared to return, having missed out on his signature on deadline day last month.
Paris St-Germain fancy swooping for Sanchez as a replacement for Edinson Cavani.
Uruguay striker Cavani has fallen out with world-record signing Neymar.
And Milan are desperate add Sanchez to their squad.
Don Balon claim the Serie A giants - backed by Chinese investment - are plotting a £75m (€85m) bid to blow their rivals out of the race.
Arsenal signed Sanchez from Barcelona for £35m in the summer of 2014.
A £75m sale to Milan would represent a whopping £40m profit for Gunners money chiefs.
