The Gunners are reluctant to allow the Copa America winner to leave, so despite initially naming their price, they have now spurned Juve's advances altogether.
The Scudetto holders' sporting director, Giuseppe Marotta, revealed:
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“Sanchez is a great player, but Arsenal do not want to give him up.
“We informed the Gunners, who asked for £34m – surely a reasonable fee.
“However, when we responded to this request, Arsenal told us they will not sell the player.”
The Old Lady have identified the Chilean as a potential replacement for Alvaro Morata, who has recently re-joined Real Madrid and ironically, is being linked with a move to the Emirates.
Of course, Juve have already brought Dani Alves and Miralem Pjanic to Turin this summer, but Sanchez could trump both those signings.
It may be down to the player himself to force a move, as it is understood he has grown frustrated with Arsenal's failure to win a title in 12 years.
Wenger can't sell
Now that £34m has proven not to be enough to prise him away from north London, it remains to be seen whether the Serie A champions will come back with another offer.
Money should be no object after the anticipated sale of Paul Pogba to Manchester United, but it will surely take a huge offer for Arsenal to even consider selling Sanchez.
Arsene Wenger's priority this transfer window has to be adding to his attack, not depleting it. If he were to let Sanchez go without bringing in a world-class replacement, it would be very difficult for his doubters to forgive him.
Should Alexis Sanchez go to Juventus? Have your say in the comments.