Arsenal and Manchester United have reportedly decided that no fees will be exchanged if a deal involving Alexis Sanchez and Henrikh Mkhitaryan is completed.

In recent days, Arsenal forward Sanchez has been heavily linked with a transfer to Old Trafford and with Manchester City out of the running, only Chelsea appear ready to match any offer for the Chilean international.

However, it has been claimed that Arsenal and Manchester United are both keen on Mkhitaryan making the move to the Emirates Stadium, with the switch now said to be in the hands of the Armenian playmaker.

The previous suggestion had been that Mkhitaryan would be included alongside a fee but according to Sky Sports News, any transfer involving Sanchez and Mkhitaryan would be a straight swap.

Both players were left out of their club's most recent fixtures, but it appears that Mkhitaryan is currently in no rush to make a final decision on his future with two-and-a-half years still remaining on his contract.

United boss Jose Mourinho has acknowledged that other clubs are in the market for Sanchez, who has less than six months to go on his existing deal.