Arsenal crashed out of the Champions League at the last-16 stage last night for the seventh consecutive year with a 10-2 aggregate defeat to Bayern Munich.
The result has led to increased speculation over the futures of manager Arsene Wenger and a host of Arsenal players.
Alexis Sanchez snapped smirking during Arsenal's defeat to Bayern Munich
Tue, March 7, 2017
Alexis Sanchez appeared to be laughing after Arsenal lost 5-1 (10-2 agg) to Bayern Munich
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Alexis Sanchez appeared to laugh during Arsenal's 10-2 agg defeat to Bayern
Alexis Sanchez will have just a year left on his contract in the summer and is looking for a deal worth around £250,000 a week.
And Nicholas says he would get rid of several players and spend the cash on Sanchez's contract and new players.
Arsenal forward Alexis Sanchez
"I'm looking at the squad, and out of the main 25 that are involved in the Premier League and Champions League, I've got 10 for sale," he told Sky Sports.
"Mathieu Debuchy, Kieran Gibbs, Per Mertesacker, Gabriel, Laurent Koscielny – I don't think he's been top drawer, he's getting on – Olivier Giroud, David Ospina, Alex Oxlade-Chamberlain, Francis Coquelin, Carl Jenkinson.
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Alexis Sanchez has been a frustrated figure for Arsenal
"I don't think they're of the level that Arsenal were at three years ago, I really don't.
"These guys should make way, give some of the money to Sanchez and get real, proper players."