Arsenal have rejected a £50m bid from Premier League rivals Manchester City for forward Alexis Sanchez.
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The 28-year-old, who scored 24 Premier League goals last season, is out of contract next summer and wants to play for City manager Pep Guardiola.
Arsenal have rebuffed all approaches for Sanchez, and would like City’s Raheem Sterling as part of any deal before Thursday’s transfer deadline.
But Guardiola is understood to want the Chilean as a straight purchase.
England forward Sterling, 22, has featured in all three of City’s games so far this season.
However he is not guaranteed a starting role at Etihad Stadium following the summer arrival of Bernardo Silva from Monaco.