Manchester City submit improved £60m bid for Arsenal's Alexis Sanchez

Manchester City have submitted an improved bid worth £60million for Alexis Sanchez but Arsenal will not consider selling him unless they can source a world-class replacement.

Arsenal’s stance towards selling their star player has softened over recent days but City’s hopes of securing Sanchez rest on the Gunners acquiring one of their top targets before sanctioning any sale.

Speculation is mounting over a British record bid for Thomas Lemar, worth in the region of £90m, and it is believed that were Arsenal to acquire the Monaco winger they would likely accept City’s bid, which would be a straight cash deal.

Julian Draxler is another target for Arsenal and would likely prove easier to acquire than Lemar, with the German’s club Paris Saint-Germain needing to sell players to comply with Uefa’s Financial Fair Play regulations.

However time is of the essence for both Arsenal and City, who have sent club officials to Santiago, where Sanchez is on international duty with the Chile squad.

The situation is further complicated by the fact that Chile face a crucial World Cup qualifier against Paraguay, which kicks off at 11:30pm UK time.

Chile head coach Juan Antonio Pizzi said yesterday that the national team would "evaluate the situation" should Sanchez need to leave the camp before tonight's game.