Arsenal have received an incredible offer from Manchester City for Chilean forward Alexis Sanchez.

The 28-year-old former Barcelona player has less than 12 months to run on his current deal at the Emirates and could leave on a free transfer next summer.

Arsene Wenger has made his stance very clear throughout the summer: The player is not for sale.

However, Sanchez looked completely uninterested as the Gunners faltered to a humiliating 4-0 defeat at Liverpool on Sunday.

The club have since decided to cash in on fellow contract rebel Alex Oxlade-Chamberlain, whom also looked like his head was elsewhere during the Anfield thrashing.

Oxlade-Chamberlain looks set to join Chelsea or Liverpool with Antonio Conte's side in pole position after having a £35m bid accepted yesterday.

Sanchez and Mesut Ozil are two other key players who are refusing to put pen-to-paper on a new contract at the Emirates.

According to the Mirror, Manchester City have launched a sensational bid involving cash and a swap deal for Sanchez.

They've been linked to the highly-rated forward throughout the summer but Wenger has insisted that Arsenal will not sell.

The Citizens have reportedly submitted an offer which includes Raheem Sterling plus cash - The Mirror's John Cross does not specify how much cash was included in the offer.

Sterling, 22, was considered one of the finest young talents in world football before forcing through a £50m move to Manchester City in 2015.

The young England international has come off the bench to score in each of City's last two Premier League matches but could struggle to break into the first XI under Pep Guardiola this season.

“He [Sterling] has the ability to go one against one, to attack, to be aggressive, to do what we are looking for,” Guardiola said this week.

“We played to attack the central defenders and ‘Rash’ has this ability. If he had a little bit more sense of the goal, he would be one of the most incredible players. But, of course, he has scored two goals. Hopefully he can score more. But we encourage him, tell him he has to be positive, and try and try and try and try to score a goal.”

It's unclear how Sanchez would fit into a first XI that has the likes of Sergio Aguero, Gabriel Jesus, Kevin De Bruyne, David Silva and Bernardo Silva vying for a place.

Apart from the attraction of more first team football, It's also unclear as to why Sterling would agree to taking a step down and joining Arsenal - quite obviously a club in decline.