Arsenal suffered yet another blow in the transfer window on Wednesday when Monaco rejected their £31 million bid for winger Thomas Lemar.

In addition, the Ligue 1 champions said they were not interested in selling the 21-year-old and that their decision was 'non-negotiable'.

Arsene Wenger regards Lemar as a potential replacement for the seemingly outgoing Alexis Sanchez, who reportedly wants to leave following a disappointing season in north London.

Another potential target is Leicester City's Riyad Mahrez, who is valued at £50 million, but if Arsenal fans had their way, Sanchez would sign a new contract and stay.

That sounds unlikely, though. Without Champions League football to offer, Arsenal require a miracle - or a huge wage packet - to tie their Chilean star down to a new deal.

But where Wenger is concerned, both Sanchez and Mesut Ozil will be staying: "This summer, first of all, they will stay at the club and hopefully we can extend their contract."

It's Manchester City who now lead the race to sign Sanchez after long-term admirers Bayern Munich pulled out of the running.

Club president Uli Hoeness told Kicker, per the Independent, recently that they cannot afford to spend €100 million on players in their late 20s.

"Everyone is talking about building a new team and how Bayern Munich's future must be shaped," he said, "and then Bayern does exactly that, signs young players between 20 and 22, and is criticised once again.

"But you can't build a new team with €100m transfers for 29 and 30-year-olds. That isn't a policy."

Great news where Arsenal are concerned, but the Independent claim there is still a chance Sanchez will leave - perhaps for City - if two conditions are met.

The first is a fee in excess of £50 million. If Wenger is to sell the Chilean, a prospective buyer must be prepared to spend big.

The second is Arsenal buying a replacement before selling. On so many occasions in the past the Gunners have sold a star player and then tried to sign a replacement, but not this time.

Wenger is clearly trying to play hard ball. He signed Sanchez from Barcelona for £35 million in 2014 and now he's demanding at least £15 million more.

However, the Frenchman's £50 million-plus demands won't fend off City, so it's more a case of whether he can find a suitable replacement.