Wenger insists Arsenal should waive away the fee for Sanchez and says the forward should stay until the end of the season.
Is Malcom coming to the Premier League?
But club sources have stressed that the situation with Alexis is completely different.
City are looking at several other centre-backs and deep-lying midfield players to bring in ahead of next season.
It seems like Manchester United want a more experienced striker such as Alexis Sanchez, Jamie Vardy or Chicharito Hernandez.
The Armenian has been linked with the Gunners as part of a swap for Alexis Sanchez.
Le programme de la mission d'inspection de la CAF au Cameroun
D'après la Crtv, la mission devrait opérer une descente sur le chantier de construction du stade d'Olembé le 12 janvier. C'est aussi ce jour-là que les inspecteurs de la CAF devraient quitter le Cameroun.
"I had many conversations with him (Sanchez) and how people are always observing you with a microscope when you are on a short-term contract but I never question his commitment".
The Chilean could well leave this transfer window and Arsenal have held talks with Bordeaux over signing Malcom this week.
Malcom is keen to ply his trade under Arsene Wenger, according to UOL Esporte.
Beating Pep Guardiola to Sanchez's capture would therefore represent a major coup for the Old Trafford side and for boss Mourinho.
He told Sky Sports' Super 6 Class of '92 Facebook Live: "I think it would be an absolutely unbelievable signing".
Asked whether Arsenal would encourage a bidding war between the Manchester clubs, Wenger added: "It is always beneficial to the club who can take advantage".
With help from the stats experts at WhoScored.com, talkSPORT have revealed and ranked the 30 best performing players in Europe's top five leagues aged 21-and-under.