Renato Sanches and Douglas Costa could apparently make way to help fund the signing of the Gunners forward.
Reports have claimed Bayern are in pole position to land the Chile international if he does not agree a new contract at the Emirates.
The Daily Mail say Arsenal have now offered him £270,000 a week, but he has not given a clear indication as to where his future lies.
Bayern have been monitoring the 28-year-old’s situation, and they are making plans over a transfer.
Chile appeared to jump the gun over a switch by listing Sanchez as a Bayern player in their latest international squad announcement.
Renato Sanches and Douglas Costa could both be offloaded by Bayern Munich this summer
The Arsenal goalscorer would cost Bayern around £52million
And according to Spanish outlet Don Balon, the Arsenal goalscorer would cost Bayern around £52million.
As a result, a domino effect could ensue as the Bundesliga giants look to make room for Sanchez.
His transfer fee could be covered by the departures of both young Portuguese midfielder Sanches and unsettled winger Costa.
Both are said to be on United’s radar, and it is suggested Sanches and Costa may both end up at Old Trafford.
Manchester United summer transfer targets Wed, May 24, 2017
Express Sport takes a look at who could be on Manchester United's shopping list this summer
Play slideshow Getty Images 1 of 10
Get Quotes on Home Insurance
Alexis Sanchez is wanted by Bayern Munich and they are in pole position to sign him from Arsenal
Neither player has lived up to expectation at the Allianz Arena, meaning Bayern are ready to offload them.
Sanches, 19, snubbed Manchester United last summer in favour of the German giants who paid £30m for the teenager.
However, Bayern may apparently be willing to sell for less than what they paid, while Brazilian Costa is valued at £26m.