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Alexis Sanchez filmed kissing Gunners badge in training
Sanchez, 28, is currently in the final year of his contract and has been heavily linked with a move away from Arsenal in recent weeks.
Premier League rivals Manchester City and mega-rich Paris Saint-Germain have all been credited with an interest in the Chile international.
But bookmakers Betfair have been forced to cut his odds to make a shock move to Real Madrid this summer from 66/1 to 16/1 following a flurry of bets.
A switch to the Bernabeu would come as a surprise following Sanchez’s three-year stint at Real’s fierce rivals Barcelona.
GETTY
Alexis Sanchez's odds slashed to join Real Madrid this summer
Alexis Sanchez odds slashed to join Real Madrid
City remain favourites to sign Sanchez though at odds of 3/1, while PSG trail in the market at 4/1.
Arsene Wenger is desperate to keep Sanchez for the final year of his contract, despite running the risk of losing him on a free next summer.
The Gunners are said to have offered Sanchez a bumper £300,000-a-week deal to remain at the north London club, but he is no closer to signing an extension.
"We have not progressed on that front," Wenger said in a press conference ahead of Arsenal’s trip to Stoke on Saturday (5.30pm).
"At the moment, he is a player who goes into the final year of his contract and prepares for the season. We have not made any progress on the other front.
"It's not an ideal situation on the financial side and it demands some sacrifice, but it doesn't mean the players who are in the final year of their contract will not extend their contract. We will work on that as well."
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