City have submitted a second bid for Sanchez after Arsenal rejected an opening offer of £50million earlier this week.
The Manchester club have come back with an improved £60m bid (£55m + £5m add-ons), according to Sky Sports journalist Guillem Balague.
Arsenal insist Sanchez will stay put this transfer window, but it is thought a significant cash + player deal may force them to relent.
City are determined to land their target, but Pep Guardiola would be faced with a serious team selection headache juggling his horde of attacking stars if a transfer is completed today.
Scroll through the gallery above to see how Manchester City could line up if they sign Alexis Sanchez.
