Sanchez has been in fine form for Arsenal this season, scoring 17 goals across all competitions.
However, despite his impressive performances the Gunners are yet to tie him down to a new long-term contract.
His current deal expires next summer and Europe's heavyweights are eager to snap him up.
Leading the queue is Paris Saint-Germain, who are also interested in signing Manchester City striker Sergio Aguero.
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Alexis Sanchez will decide on his Arsenal future at the end of the season
Alexis Sanchez has been in fine form for Arsenal this season
And, in bad news for Arsenal, Goal.com report Sanchez will make a decision on his future at the end of the season.
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The Chile international is said to want wages of £300,000-a-week to stay in north London.
But even if the club meet his wage demands there is no guarantee he will stay.
Paris Saint-Germain boss Unai Emery wants to sign Alexis Sanchez
Sanchez wants to wait to see where Arsenal finish in the league table before penning a new deal.
The former Barcelona star also wants to see whether they secure Champions League football.