If rumours are to be believed then, Sanchez whose contract runs out with the club in another one season is likely to join Sevilla and reunited with former Chile manager Jorge Sampaoli.
Sanchez joined the English Premier League giants in 2014 and has been one of their most important players since then.
But the recent slump in form of Arsenal and their repeated failures in big tournaments has reportedly played a major role in convincing Sanchez to move out of the Emirates.
Atletico Madrid too are keen on roping in the player as their star attacker Antoine Griezmann is all set to leave the club and join Manchester United next summer.
Alexis Sanchez is currently the leading goal scorer and one of the top performers in the EPL at the moment with 17 goals and 8 assists.
Sanchez's departure from Arsenal will be a huge blow to the club. At a point, when Arsenal need to add more and more star players to bolster their squad, loss of the Chilean will dent them.
Arsenal take on Liverpool on Saturday, March 4, in a crucial game week 27 encounter.