Arsenal have reportedly offered Alexis Sanchez a new deal worth £270,000 per week as they seek to fend off interest from Bayern Munich and Manchester City.
According to the Mirror's John Cross, the Gunners are in ongoing negotiations with the Chile international, whose camp have also held talks with Bayern, while City are said to be "confident" of snapping him up.
The 28-year-old has little more than a year remaining on his contract at the Emirates Stadium, and Arsenal are adamant he will not be leaving this summer.