Arsenal believe they have reached an agreement with Alexis Sanchez over a bumper new contract that will see him become the club's highest ever earner, reports the Daily Mail.
The Gunners were widely reported to be seeking to tie down both Sanchez and Mesut Ozil to long-term contracts and it seems they are set to announce a deal with regards to their exciting Chile international.
Discussions between Arsenal officials and Sanchez's representatives have reached an advanced stage with a five-year deal worth up to £155,000-a-week said to have been agreed in principle.
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It is a significant pay rise on his current £130,000-a-week wage, signed in the summer of 2014 when he agreed to join from Barcelona in a £35million transfer and represents the biggest contract Arsenal have ever offered.
Currently, the club's highest earners are Ozil and Theo Walcott, who both enjoy a weekly wage of £140,000. However, Sanchez should not get used to the position as the club's top earner, as Arsenal are likely to offer their in-form playmaker an even bigger contract in the coming weeks.
An even bigger contract
The Germany international, like Sanchez, has emerged as a key player since his club-record move from Real Madrid in 2013 and Arsenal are keen to make sure neither enter the final two years of their contract. Both have two-and-a-half years remaining on their current deals.
Costing the club a combined £77m, the marquee signings have played crucial roles in Arsenal's season so far with Ozil already gathering 10 assists and Sanchez scoring seven. Both will need to stay fit if the Gunners are going to beat Manchester United and City to the Premier League title.