Manager Arsene Wenger said this week he felt Sanchez would remain at the Emirates Stadium.
And each of those clubs could offer Sanchezthe Champions League football he craves - although he's admitted this weekend that his future is not in his hands.
"He's a good player and If I were Arsenal I'd be ringing up Man City saying 'Give us Aguero and you can have Sanchez'. It depends on them, I have to wait to know what they want".
Arsenal's squad are now on a pre-season tour of China where they will play two matches - Sanchez is not present having been given an extended summer break after competing for Chile in the Confederations Cup. "My idea is to play and win the Champions League, it's a dream I've had since I was little".
"He's done a lot for us in the last season, he played nearly every single game and played the Confederations Cup. My thoughts are always positive".
Sanchez is not in the squad that touched down in Shanghai, China, on Sunday as he is on holiday after the Confederations Cup.