Manchester City have reportedly proposed a swap deal involving striker Sergio Aguero and Arsenal forward Alexis Sanchez.

Since the end of the season, City have been heavily linked with a move for Sanchez, who has just one year remaining on his contract at the Emirates Stadium.

However, Gunners boss Arsene Wenger has maintained his stance of not allowing his star man to leave for another Premier League side, despite the risk of losing the Chilean on a free next summer.

According to the Daily Star, City have moved to up their bid for their number-one target by offering Aguero in exchange for his services.

Despite netting 30 goals in all competitions last season, there remains speculation regarding the Argentine's future and although he and his agent have suggested that he will remain at the club, the alleged latest development may lead to a change of heart.

Aguero still has three years left on his existing deal, meaning that he holds a higher market value than Sanchez.