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Alexis Sanchez will leave Arsenal in January if a suitable offer arrives and a replacement is secured.
It is believed the 29-year-old preferred destination is Manchester City and conversations have been held between the clubs, but there is as yet no agreement on a fee.
Arsenal are thought to 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.
Manchester United are believed to have made contact with Arsenal about a move for Sanchez in September, but it remains unclear if that interest has been renewed this month. However, it has been reported that they have made a bid.
If a deal cannot be agreed with any club, 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.