Crucially, unlike in the summer, Arsenal manager Arsene Wenger is reportedly willing to sanction the Chilean's sale in the current transfer window.
Considering Man City are still in the running for four trophies this season, could Pep Guardiola move for the Arsenal star?
City's £60 million bid for Sanchez in August collapsed after Arsenal failed in a deadline day attempt to sign Monaco's Thomas Lemar as a replacement.
The Chile worldwide is out of contract at the end of the season and is free to sign a pre-contract agreement with overseas clubs.
City now lead the league by 15 points over their eternal rivals Manchester United, and the addition of Sanchez to their already stacked squad would make them an even more frightening prospect.
GETTY Arsenal have made contact over the transfer for Jonny Evans
Wenger surprisingly chose to rest the Chilean among several first-team regulars for the FA Cup defeat at Nottingham Forest, and this is likely to be of benefit for the Citizens with the attacker likely to be eligible to feature Cup competition as well as the Champions League. It appears nearly certain they will be losing the forward, and if he does stay beyond the current window, they'd receive no transfer fee for Sanchez at the end of the season.
The Independent report that the Gunners have softened their stance on the £35m fee, and Sanchez, who is out of contract in six months' time, could be a City player in one week.
Theo Walcott is another player who is set to leave Arsenal this month with a return to Southampton a real possibility.More news: Seth Meyers Focuses on Terrified Hollywood Men in Opening Monologue — Golden Globes
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