Arsenal will not accept cash offer for Sanchez
The Gunners have already sold Alex Oxlade-Chamberlain to Liverpool in a deal worth £35m.
Arsene Wenger believes his club has done good business for a player who was in the last year of his contract, but is now determined to keep hold of Sanchez as there is not enough time to find a suitable replacement.
Arsenal are yet to receive any further offers for the Chilean after firmly rejecting a £50m bid from Pep Guardiola's side on Tuesday.
City remain keen to sign Sanchez before Thursday evening's deadline and are understood to be preparing an improved bid.
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