While neither Manchester United nor Arsenal will sanction the Alexis Sanchez deal without Mkhitaryan travelling in the opposite direction, a source close to the Armenian winger told the BBC that there is no agreement in place.
The 28-year-old former Borussia Dortmund man is deliberating over a move to the Emirates and, while the clock is ticking in the race for Alexis Sanchez, Mkhitaryan is in no rush to make a final decision.
Under contract at Old Trafford until 2020, he does not see eye to eye with manager Jose Mourinho, who has raised the possibility of his departure.
It is not entirely out of the question that he opts to stay at United, which could affect the chances of Alexis Sanchez completing a lucrative switch to the Red Devils.