Both Chelsea and Manchester City are also keeping an eye on his situation. Sanchez was initially signed by Barcelona under Guardiola and the Spaniard would like to reconnect with the Chilean as the Citizens look to challenge for the title next season.
City have prised away Samir Nasri, Emmanuel Adebayor, Gael Clichy, Kolo Toure and Bacary Sagna from the Gunners in recent years and are confident of pulling off another coup despite protestations from Arsenal.
Despite tentative talks over a new deal, Arsenal have yet to make a formal offer.
Oxlade-Chamberlain made 45 appearances for the Gunners this season, but the majority of those came from the substitutes bench.
The England worldwide had a very positive end to the season and looked like a new player after being deployed as a right-wing-back once Wenger shifted to a three-at-the-back system, and this will have undoubtedly raised his stock as it seemed as though he was struggling to fit in previously.
Does Arsene Wenger want to keep the England global attacking star in the Arsenal squad I wonder? The player is also keen to play in midfield rather than on the wing.
However, the 23-year-old hasn't progressed as many had hoped over the past few years and he's struggled to hold down a regular starting place in Arsene Wenger's side leading to serious question marks over his future.