According to The Daily Mail, the London club have offered Sanchez a new contract worth £300,000-a-week.
In a desperate bid to ward off the likes of Manchester City and PSG, the Gunners have pushed the boat out in a big way.
The 28-year-old forward has demanded at least £300,000-a-week before he even considers hanging around at the Emirates.
However, as yet there is no indication if he will accept this new offer.
The club manager Arsene Wenger has remained adamant that he will keep hold of his star man, and has refused to accept he will be sold this summer.