Bayern Munich boss Carlo Ancelotti has admitted to being a big fan of Alexis Sanchez and says that the club are "ready" to make an approach if given the green light by Arsenal.

The Chile international is currently in limbo at the Emirates Stadium after being allowed to enter the final 12 months of his contract, leaving the Gunners with a big decision to make.

Arsenal may opt to cash in on Sanchez, who could still attract bids of around £50m due to interest from Bayern and Manchester City, or instead risk losing him for nothing next summer.

Gunners boss Arsene Wenger is reluctant to sell to a direct Premier League title rival, however, leaving the Bavarian giants at the front of the queue to land his signature should he be put up for sale.

Bayern chief Uli Hoeness attempted to play down talk of a move for Sanchez earlier this week, but Ancelotti has taken the opposite approach and says that he would be keen to bring him on board.

"If an opportunity comes up, the club will be ready," he told reporters. "There are lots of rumours. Alexis is a great player but not the only one in the world. I like Alexis."

Arsenal are thought to have offered Sanchez a new deal worth more than double his current £140,000-a-week wages in a desperate attempt to keep him for the long term.