The Chile international has been sensational for Arsenal since his £35million move from Barcelona in 2014.
And he has continued his impressive form this season after being moved to a more central role.
Alexis Sanchez has just 18 months left on his contract
Sol Campbell believes Alexis Sanchez will sign a new contract
Uncertainty still looms over whether Sanchez is growing unhappy at Arsenal but Campbell has been thoroughly impressed by the 28-year-old's work-rate.
"I think there are a lot of things behind the scenes and it's all about cutting a deal, getting the deal done and sometimes compromising," Campbell told Premier League Daily on Sky Sports.
"Depending on how far the compromises go, it could be him compromising, it could be the club compromising, who knows? But I think everyone is out there to get the deal done.
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"That fantastic penalty reminds me of Thierry Henry, he used to score a lot of those type of penalties.
"But he [Sanchez] has comes in, his attitude is tremendous, he is one of the players that I have seen in the last five to 10 years that has come into Arsenal and bang, straight away he is working, he's scoring goals and he's into it.
"He's not taken six months to get going or one year to get going at the club, so that should keep him in good stead. Hopefully the board come and get the deal done."