Arsenal are reportedly on the verge of tying Alexis Sanchez down to a two-year contract extension.

The Chilean has been one of the Gunners' stand-out performers since joining from Barcelona in 2014, with manager Arsene Wenger ready to reward him for his form.

Sanchez, 27, will extend his contract until 2020 in a new deal which could pocket him up to £40m, according to The Mirror.

The winger, who has scored seven times in 11 games this season, having netted 24 goals in all competitions last term, can also expect to see a salary rise to earn £150,000 per week.

Sanchez joined the North Londoners for £35m.