Manchester City  won’t be pay over the odds to land Alexis Sanchez this month, but that does not mean that they won’t be making a play for the Chilean ace.

It is no secret that Sanchez has told Arsenal that he will not be signing a new contract at The Emirates, and will leave on a free transfer this summer if he is not sold.

Football INDEX Watch – ALEXIS SANCHEZ – Currently at £5.41 and at number 5 in the Index

Arsenal agreed a £60million deal with Man City at the end of the last window, but the deal had to be pulled as the Gunners had no time to find a replacement.

Now Arsenal are understood to be ready to sell, but their asking price remains just shy of £30million – which City will not be paying. City sources do not believe they would go higher than £20million.

City boss Guardiola has refused to rule out his interest in the 29-year-old, but he feels he is likely to remain.

“I don’t know (what’s going to happen) but he’s a player of Arsenal and I think he is going to stay there,” he said.

“There is some time to ask me that but I have a lot of things to think about, because in two days we have another game.

“In the internal meetings we are going to decide what is best. But my feeling now is that he’s an Arsenal player and he will be.”

City have lost Gabriel Jesus for the next six weeks, and it now remains to be seen if a new bid for Sanchez will be launched this month.

Bookmkakers are still of the belief that Sanchez will remain at Arsenal with PaddyPower listing him at 4/9 – which is a near 70% probability, but they are also odds on at City at 10/11.