The speculation surrounding Alexis Sanchez's future at Arsenal continues to grow as the final month of the summer transfer window looms.

Since towards the end of last year, rumours surrounding the Chilean's future at the Emirates have continued to grow and have now reached boiling point.

Cristiano Ronaldo had sensationally been linked with a move away from Real Madrid, while Romelu Lukaku caused a storm by rejecting a return to Chelsea by joining rivals Manchester United.

But none of those transfer stories have been as long running as the one that currently surrounds Sanchez, with none of his potential suitors any closer to completing a deal. 

The Arsenal winger is set to enter the final season of his contract with the very real prospect of the South American being able to walk away from the north London outfit for nothing next summer. 

And the Gunners have also made it clear they're willing to let him go for nothing in 2018, rather than sell him.

However, a number of clubs have been trying to test Arsenal's resolve with offers that, for even the biggest clubs in the world, would be hard to turn down.

Chelsea had been understood to be in the running for Sanchez earlier in the year, with it believed the 28-year-old would be interested in a move to Stamford Bridge.

But the Blues' interest appears to have cooled, with both Manchester City and Paris Saint-Germain the frontrunners for the former Barcelona man's signature.

Sanchez scuppers PSG move

PSG are understood to be willing to offer Arsenal £70 million for the wide man and pay him £400,000-a-week to make a switch to the Ligue 1 giants.

But according to the Mirror, City haven't lost hope of luring the Arsenal man to the Etihad after PSG were told by the Chilean that he will demand £500,000-a-week to leave the Premier League.

And that appears to have scuppered the chance of PSG luring him to the Parc des Princes this summer, despite the club having been willing to offer Arsenal a reasonable £40 million fee.

The Parisien outfit had a growing confidence that they would strike a deal, with the Gunners unwilling to sell to a Premier League rival - even for £50 million.

City confident Sanchez wants Etihad move

However, City also still believe they have the upper hand with negotiations - believing that Sanchez is keen to, once again, work with former Barca boss Pep Guardiola.

Bayern Munich had been previously been in the running for Sanchez, but his £420,000-a-week wage demands priced the German giants out of a move as it would have ruined their wage structure.

But that does not appear to be an issue for City, who are close to having already spent over £200 million in the current transfer window and are willing to meet Sanchez's demands.

City had already lost out to PSG earlier in the month after Dani Alves' near move to the Etihad was stalled by his sudden switch from Juventus to the French capital instead.

This time though, Guardiola's club are growing in confidence that they could add Sanchez to a growing list of high-profile transfers who have moved to Manchester City this summer already.