Arsenal have reportedly stated £40m as the asking price for winger Alexis Sanchez as Manchester City step up their efforts to sign the Chilean this month.

The Evening Standard reports that Pep Guardiola is concerned with his attacking options after Gabriel Jesus sustained knee ligament damage and will be sidelined for around six weeks.

The newspaper says that City, who are long-term admirers of Sanchez, are prepared to make an offer for the 29-year-old to provide cover for Jesus while he recovers.

Guardiola's side were in advanced talks with Arsenal over a switch for Sanchez on deadline day last summer, and after the deal fell through, City are allegedly prepared to try again this month with added impetus.

The newspaper also claims that £40m could be too high an asking price for City, who believe that a contract for the Chilean can be drawn up for less.