Sanchez has been in talks over a new deal since last September, with two years remaining on his existing £135,000-a-week contract.
The 27-year-old forward wants Arsenal to convince him of their ambition before committing to a new four-year contract, having been left disillusioned by the club’s failure to win the Premier League title this season.
Arsenal are third in the league and have the chance to finish second above Tottenham should their north London rivals lose to Newcastle on the final day of the season. However, they were mathematically ruled out of the title race on April 24.
Sanchez has been linked with Bayern Munich, Manchester City and Juventus as he considers his options.
Arsenal are aware that his value in the transfer market could drop if they allow Sanchez’s deal to run into its final two years.
But sources at the club have told Squawka that they will not sell the Chile international under any circumstances this season, with the club keen to show supporters that they no longer sell their best players.
Sanchez joined Arsenal in a £35m transfer from Barcelona in 2014 and, after scoring 16 goals in 35 Premier League appearances in his first season, has netted 13 times in the league so far this term.
Reports have suggested that Sanchez’s relationship with manager Arsene Wenger has gone cold, particularly after the player stormed out of the Emirates Stadium when he was substituted in the 1-0 victory over Norwich last month.
Both Sanchez and club-record signing Mesut Ozil are out of contract in 2018 and Wenger has repeatedly insisted that both players are happy to stay in north London.
Sanchez is believed to have asked for a contract worth around £180,000 a week, while Ozil – who is the club’s top earner on £140,000 a week – has asked for a £200,000 weekly salary after an excellent campaign in which he has provided 18 assists in the Premier League alone.
Ozil himself recently stated he feels no pressing need commit to a new contract with Arsenal.
“There’s no hurry,” said Ozil in late April. “I have a two-year contract. [I’ll wait for the] end of the season we’ll see how it goes.”
Listen: Squawka’s chief reporter Greg Stobart explains what’s in store for Arsenal over the upcoming transfer window