The Arsenal striker has been heavily linked with a move away from north London throughout this season.
Sanchez, 28, has been stalling over signing a new deal at the Emirates and looks set to go into the final 12 months of his contract.
He apparently wants Arsenal to hand him £300,000-a-week in order to extend his stay.
But with doubt being cast over his future a host of top European clubs have been circling.
Premier League rivals Manchester City and Chelsea are apparently keen on signing the Chile international.
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PSG have made Arsenal star Alexis Sanchez their No 1 summer transfer target.
While PSG, Bayern Munich and Juventus have also registered their interest.
Unai Emery will be keen to bolster his ranks after surrendering the Ligue 1 title to Monaco.
And he will apparently go all out to sign Sanchez to pip the likes of Bayern to his signature.
Bayern are reportedly confident of winning the race to sign the former Barcelona star.
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Paris Saint-Germain have made Alexis Sanchez their No 1 transfer target
Sport1 say PSG have an alternative plan to sign Borussia Dortmund goal machine Pierre-Emerick Aubameyang should Sanchez move to Germany.
The report adds they are willing to pay £62million to sign the Gabon international.
Aubameyang has enjoyed a sensational campaign at Dortmund, scoring 40 goals across all competitions.
He is contracted to the Bundesliga side until the summer of 2020.