Cape Town - Arsenal and Manchester City are reportedly close to agreeing a deal that will see Alexis Sanchez leave the Emirates in January with the Chilean already having agreed to personal terms.
Italian journalist Gianluca di Marzio reported that Sanchez has agreed personal terms on a deal that will see him earn a £13 million annual net salary with a huge £30 million signing-on bonus if he completes the deal at the end of the season on a free transfer.
If the deal is concluded in January the Chilean will receive a £15 million bonus with Arsenal receiving a transfer fee of £20 million.
The two clubs who entered into negotiations on Friday are yet to conclude the deal with the Gunners holding out for a fee of closer to £35 million.
Arsene Wenger confirmed that he will do further business during the transfer window as the unsettled Sanchez could be sold wants several fresh faces to arrival as soon as possible.
Asked whether there could be developments this week, Wenger said: "Yes, because we are in the second week of January and, after that, it passes quickly.
"We signed a Greek boy (Mavropanos) who looks quite good in training but apart from that, we have not done anything. Will we be out there to do something? Yes we will."