Alexis Sanchez: Arsenal target Bordeaux's Malcom as they prepare to sell Chilean

Forward Alexis Sanchez will leave Arsenal in January if a suitable offer arrives and a replacement is secured.

It is understood the Gunners hierarchy have accepted that Sanchez is likely to depart after three and a half years.

However, Arsenal are reluctant to sell without replacing the Chilean and their first choice is Bordeaux's 20-year-old Brazilian forward Malcom.

"Normally he would stay until the end of the season but we'll see," said manager Arsene Wenger.

Speaking at a news conference on Friday, the Frenchman added: "Nothing is really concrete at the moment and nothing is decided one way or another. Of course I want a quick resolution."

• Malcom won't be at Bordeaux much longer - Vickery

• Football Daily podcast: 'Sanchez will be a Manchester City player by the end of January'

Manchester City is 29-year-old Sanchez's preferred destination and conversations have been held between the clubs, but there is as yet no agreement on a fee.

Arsenal are thought to have asked for up to £35m, with Premier League leaders City initially suggesting they would pay around £20m. Sources anticipate a compromise of between £25m and £30m.

Manchester United are believed to have made contact with Arsenal about a move for Sanchez in September, but it remains unclear if that interest has been renewed this month. However, it has been reported that they have made a bid.

If a deal cannot be agreed with any club, Sanchez will be able to leave when his contract expires in the summer - a situation Arsenal are keen to avoid as they would receive nothing.

The Chile international almost joined City for about £60m on the final day of the summer transfer window, only for the switch to collapse when Arsenal failed to sign Monaco and France midfielder Thomas Lemar.

'It would be a coup for United over City'

Former Manchester United defender Phil Neville said Sanchez would be an "absolutely unbelievable signing" for the Old Trafford club.

Responding to reports that said a £25m bid had already been made, he told Sky Sports: "If you look back at Manchester United's big signings over the decades, Eric Cantona came out of the hat, [Robin] van Persie was a surprise - and they both helped United win titles.

"I think this could have a similar impact. He's got the character to play at Old Trafford," the ex-England international added.

"It would be a coup, particularly for United fans, to have a player like Sanchez come to them over City. It would be a strong statement.

"It's pretty obvious he's not going to stay at Arsenal. I think if United were going to buy him, £25m would be an absolute snip."