Sanchez has enjoyed a fine season at Arsenal, scoring 22 goals across all competitions.
However, the Chile international's future is uncertain with his contract expiring next summer.
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Alexis Sanchez will leave Arsenal, reports claim
Arsenal fans are desperate for their star man to stay.
But Spanish outlet Don Balon claim the Gunners have decided to cash in on him at the end of the season.
Manager Arsene Wenger is said to have been hellbent on keeping Sanchez up until March.
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Alexis Sanchez was caught laughing on the bench as Arsenal lost to Bayern Munich
However, their stance changed after he was pictured laughing during their humiliating 5-1 Champions League defeat to Bayern Munich.
It is said the Gunners will now sell him at the end of the season.
Don Balon claim Paris Saint-Germain and Atletico Madrid are also in the chase for the 28-year-old.