The pair are potential destinations for the Chile international should contract talks between he and the Gunners break down.
Sanchez, who joined from Barcelona for £35 million in 2014, has quickly become a fan favourite at the Emirates Stadium yet his future has been put in doubt as a result of Arsenal's wavering Premier League title bid.
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The 27-year-old is one of a host of Arsenal stars, including Mesut Ozil, to have entered contract negotiations to extend their current deals amidst the club's bid to keep hold of their top players.
A prosperous first season in north London saw Sanchez net 16 Premier League goals, but he's since only managed ten in all competitions this term as a result of poor form and a string of injuries.
However, his all-action style and incredible work ethic has seen him impervious to recent negativity amongst Arsenal fans, whose frustrations grow amidst the Gunners' struggle to keep up with league leaders Leicester City and rivals Tottenham Hotspur.
This season has presented Arsene Wenger's men with their best chance of ending their Premier League title drought, last lifting the trophy in 2004 after going the entire season unbeaten.
Yet they seem set to fall short once again, which has seen Wenger come under fire and the club's star players reportedly express unhappiness.
Alongside Ozil, this could lead to Sanchez seeking pastures new elsewhere with Juventus - who reached the Champions League final last season - willing to match the fee Arsenal paid Barcelona in 2014.