"What we believe is there are some players in the football world, if you have the chance to sign them in January, March or July, you have to try".
It was also reported that Sanchez's agent wants 5 million pounds for his part in the deal, taking the overall tally to 40 million - double what City are willing to pay.
It emerged yesterday Manchester United offered £25million plus £30m midfield flop Henrikh Mkhitaryan for Arsenal's wantaway striker - outbidding their bitter neighbours.
Guardiola's bid to buy Sanchez collapsed at the end of the summer transfer window and City were favourites to land him this time around but the club are apparently unwilling to meet Arsenal's reported 35 million ($48 million, 39 million euros) asking price.
"It looks like Sanchez will not extend his contract, but we want to keep Jack and if we have an opportunity maybe to keep Ozil, the rebuild will be less deep than if all three left", Wenger told Sky Sports.
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And Wenger believes the recent huge hike in transfer fees increases the likelihood of players running down their contracts.
Arsene Wenger acknowledges Arsenal will not let Alexis Sanchez leave until a replacement is signed.
They are also unconcerned if that opens the door for another club, with Mourinho having refused to dismiss possible interest from United.
Whether Sanchez would agree to this or not is another matter, but this scenario would undoubtedly suit both Arsenal and United. West Brom defender Jonny Evans is wanted by top clubs, with Arsenal 11/8 and Manchester City 2/1 vying for his signature.
Guardiola, meanwhile, hopes forward Gabriel Jesus could return ahead of schedule from his knee injury and make the first leg of City's Champions League tie with Basel next month.
The Telegraph suggest Conte's comments show "he does not know why Chelsea appear to be letting the opportunity pass" and that "he continues to give the impression that he is far from satisfied with the efforts of those responsible for signing players".