Arsenal is all set to sell forward Alexis Sanchez in January as they target Bordeaux's Brazilian forward Malcom. Sanchez is likely to depart after three and a half years at the club.
However, Arsenal will only replace the Chilean if a suitable offer arrives and a replacement is secured.
It is understood that Sanchez's most probable destination will be Manchester City. Conversations have been held between the clubs but there is as yet no agreement on a fee.
It is learnt that Arsenal have asked for up to £35m, with Premier League leaders City initially suggesting they would pay around £20m. Sources anticipate a compromise of between £25m and £30m.
It has been reported that Manchester United will hijack City's interest and have already made a bid.
If a deal cannot be agreed, Sanchez will be able to leave when his contract expires in the summer - a situation Arsenal are keen to avoid as they would receive nothing.
The Chile international almost joined City for about £60m on the final day of the summer transfer window, only for the switch to collapse when Arsenal failed to sign Monaco and France midfielder Thomas Lemar.