Manchester United are favourites to sign Alexis Sanchez in a deal which could see Henrikh Mkhitaryan join Arsenal.
Manchester City have always been hot favourites to wrap up a deal for Sanchez, but United are now said to be favourites after Jose Mourinho spoke of his admiration of the player.
Arsene Wenger is keen to keep hold, but it has been suggested if the Chilean does leave the Emirates Stadium this window, the red half of Manchester is the likely destination.
It has also been reported that Mkhitaryan could move the other way after Mourinho refused to give him any assurances over his future at Old Trafford.
"My approach to players is that every player has a price," Mourinho said when asked directly about whether Mkhitaryan would stay. "It doesn't matter who he is. It doesn't matter the level. It doesn't matter the prestige, the status. I think every player has a price.
"And I am not the kind of blind manager...blind in the sense of, this player is untouchable, can never be sold. I think every player has a price.
"So when the transfer window is open, it's also open for any club that is interested in our players. Then it's up to us to make the decision: yes or no. It's up to us to decide what we think is the right price."