The report says that Wenger believes that the 25-year-old has the quality to replace Sanchez, who is expected to leave The Emirates either in January or in the summer transfer window, when his current contract is due to expire.
Wilfried Zaha is the latest name to be linked with a Gunners move with a potential fee of £35 million quoted in the press.
The Crystal Palace midfielder has been a rare positive for their relegation-threatened side, with the winger contributing two of their four league goals so far this campaign.
Palace headed into the worldwide break rock bottom of the Premier League despite Zaha's displays and are effectively seven points from safety given their goal difference.
The Chilean attacker will be a free agent in the summer and boss Arsene Wenger is resigned to losing him, with Manchester City keeping a keen eye on his status.
Arsene Wenger was reluctant to let Sanchez leave last summer - especially to a rival Premier League club. Moreover, with bitter rivals Tottenham Hotspur reportedly eyeing the former Red Devil, securing this transfer could prove very hard for Arsene Wenger.
The Chilean brings flair, brings goals, and instills fear in defenders, while also having the character of a born victor, and while Zaha is talented, he isn't a scratch on Alexis.
16 killed as boat capsizes in Krishna river in Andhra
An hour-long ride, it starts on the banks of the Krishna River at Durga Ghat, and allowed people to go up to the Pavithra Sangam. Officials said 41 passengers, including 31 members of Ongole Wakers Club, were present in the boat when it overturned.
Look for Bright Planets Monday Morning
About an hour before sunrise on Monday morning, Venus and Jupiter will rise as one, in a spectacle that will amaze stargazers. Observers will have to have an uninterrupted view to the south-east as the planets will be very low in the sky.
Chiefs player arrested on suspicion of domestic battery
When Roy came home, they began to argue about where he had been, which eventually escalated to a physical confrontation. A police report states that officers were called to a home where police met Miller's wife, Nicole.
US Navy aircraft carriers operate off Korean Peninsula
Also on Saturday, the US and South Korean navies launched four days of joint drills off the east coast of South Korea. The exercises will also involve 11 US Aegis ships and seven South Korean naval vessels, including two Aegis ships.
Tunisia clinch World Cup spot after draw with Libya
Other nations which also qualified for the last two editions but have been humbled are Ghana, Ivory Coast, Algeria and Cameroon. Tunisia survived some nervous moments in Rades as Libya finished strongly.
Iran Denies Being Involved in Bahrain Pipeline Explosion
However, it potentially opens a new front in the low-level insurgency plaguing Bahrain since its 2011 Arab Spring protests. Iran has denied allegations it was behind a militant attack on a pipeline outside Bahrain's capital.