The Chilean wants assurances about the direction the Premier League side are heading in however before he signs a new deal, according to reports.
The Sun reports that the Gunners want the Chilean to commit to the club by signing a new three-year deal that will see him remain at the Emirates until 2019, and talks between the two parties are likely to take place at the end of the season.
While The Sun claims that Sanchez is happy staying where he is, he does want assurances regarding the direction that the club are heading in, and reportedly wishes to be earning around £160,000 a week after signing his new deal.
Getting the former Barcelona forward to agree a new contract would provide a huge lift to Arsene Wenger's side. Since moving from the Nou Camp for £32m in 2014 (via The Sun), Sanchez has been sensational for the club.
In 52 league appearances for the team, he has scored 22 goals and bagged nine assists. His ability to replicate that form in the FA Cup helped the Gunners retain the trophy last season, and this time around, it has helped put the team right in the title race.