Striker Alexis Sanchez has one year remaining on his current contract at Arsenal but an extension has not been offered by the Gunners.

Manager Arsene Wenger made the revelation on Wednesday.

"He (Sanchez) is a player who goes into the final year of his contract. We have not progressed on that front," Wenger said.

"Let's not be wrong, it's not an ideal situation on the financial side and it demands some sacrifice.

"But first of all, it doesn't mean the players who are in the final year of their contract will not extend their contract. You have still that possibility and we work on that as well."

Manchester City and PSG are in chase for the Chilean forward but Arsenal has insisted they will not let the player go.

Sanchez has not played for Arsenal in the new season due to abdominal injury, missing their season opener against Leicester City.

He also missed the Community Shield clash against Chelsea, and will not be available for Saturday’s trip to Stoke City.

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