As the Premier League now stands, a Liverpool victory over already relegated Middlesbrough at Anfield on Sunday will secure a fourth place finish and will guarantee the Reds a Champions League playoff, which they must win to make the group stages of Europe's elite competition.
Guardiola's City are now two points above Liverpool with a superior goal difference, so if they can only draw at Watford and Liverpool win at home to Middlesbrough, there is a chance the clubs could tie for third and face a play-off for the spot in the Champions League group stage.
Going into the last round of fixtures, the three teams - occupying third to fifth place - are separated by just three points with similar Goal Difference (GD) and Goals Scored (GS).
The Premier League table as it stands. If City draws 3-3 at Watford and Liverpool wins 3-0 at home, then both teams will finish on 76 points with 78 goals scored and 42 conceded. Each position in the league is worth an additional £1.9 million thanks to the new TV deal - Chelsea will earn £38 million for finishing top, while the bottom club Sunderland will earn the minimum... That being said, if they have saved their best performance for the final day of the season, Arsenal fans will be hoping the play-off is scheduled for Friday 26 May.
Without the promise of Champions League football, Sanchez, who despite the club's own disappointments has enjoyed a fruitful season, could be set to leave during the summer transfer window.
Thus, a one-off game would have to be played to decide who enters into the Champions League group stages and who faces a qualifying match.
Wenger's contract expires at the end of the season and he has yet to give any indication as to whether he'll be staying on as Arsenal manager, although all signs points to the Frenchman wanting to extend his 21-year tenure in north London.
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The Chilean then bundled in a second from Olivier Giroud's cut-back to take his league tally for the season to 23 - just one goal behind the league's leading scorer Romelu Lukaku.
Arsenal host Everton on Sunday, while Liverpool entertain relegated Middlesbrough and third-placed City travel to Watford.
Guardiola's side remain two points ahead of the Reds on 75 points.
The last two Premier League champions have been teams that didn't have to contend with European competition.
And former Arsenal striker Merson is predicting a routine 2-0 win for Jurgen Klopp's side.
This scenario could get further complicated depending on Liverpool's result.
Arsenal have an nearly fully fit squad to choose from for the final Premier League game of the season but Laurent Koscielny faces a late fitness test.
Sunderland, losers in nine of their last 12 games and relegated last month, were hardly a step up in class.