Arsenal have a personal agreement with Alexis Sanchez but have made a smaller offer than Liverpool for the Barcelona superstar, according to Sky Sports journalist Guillem Balague. The 25-year-old Chile international is expected to leave the Camp Nou this summer as Barcelona prepare to spend a club-record fee to sign Luis Suarez.
Balague wrote on Twitter: "I heard Arsenal have a personal agreement with Alexis but offer less to FCB than Liverpool. Juve also interested.
"As it stands Alexis not part of the deal for Suárez. But not definitive. Despite personal agreement with Arsenal, LFC hope to convince him."
Sanchez not keen on Liverpool
It was revealed on Wednesday that Sanchez has little desire to join Liverpool and has told friends he would prefer to stay at Barcelona. Failing that, he would rather move to Arsenal, who have the funds available to finance a deal for the South American winger.
Liverpool went close to winning the Premier League title last season and Reds' boss Brendan Rodgers is keen to ensure his side remain competitive again next term, with or without top scorer Suarez.
Arsenal offer Sanchez £130,000-a-week
According to separate reports, Arsenal have offered Sanchez £130,000-a-week to come to the Emirates Stadium - just under £7 million-a-year. This would make the £32 million-rated Chilean one of the Gunners' highest-paid players, alongside Germany international Mesut Ozil.
If Sanchez moves to north London he will face stiff competition for a starting spot, with the likes of Theo Walcott, Alex Oxlade-Chamberlain, Santi Cazorla and the aforementioned Ozil all capable of playing on the flanks.
But Sanchez is a world-class performer who would be expected to nail down a starting spot on arrival at Arsenal, regardless of the quality players competing to start in his position.
Alexis Sanchez: Scout report
Arsenal may need to raise their offer
Although Sanchez prefers to join Arsenal over Liverpool, Barcelona will naturally attempt to sell to the highest bidder. The player is under no obligation to move clubs this summer - his contract expires in 2016 - but he will be fully aware that the arrival of Suarez will significantly reduce the number of first-team appearances he makes at the Camp Nou next season should he opt to stay put.
Arsenal are attempting to negotiate the best possible deal. They know that Barcelona, after spending out £72 million on Suarez, will need a serious cash injection to balance the books. Cesc Fabregas was sold to Chelsea for £27 million earlier this summer, but the Catalan giants remain determined to offload Sanchez in order to land their dream summer signing.
Suarez is currently banned until the end of October after biting Italy defender Giorgio Chiellini, but that will not stop Barcelona from signing the controversial Uruguayan star.
The question is: will Sanchez make a move in the opposite direction? Will Arsenal boss Arsene Wenger cough up the cash Barcelona want for the Chile ace? Or could Manchester United, who are also interested, pip the Premier League duo to the winger's signature?