Arsenal have reportedly endured a major setback in a quest to get their Chilean star Alexis Sanchez to sign a new contract.

According to a report by The Sun, Alexis Sanchez might opt out of signing a new contract with Arsenal since he wants to play Champions League football next season. His chances of being retained by Arsenal are very slim since they’ve not secured a top-four spot yet.

Arsenal are a point below the top four and have a single game remaining. It will become a must-win situation for them as they play Everton on Sunday to keep their European hopes – and hopes of a new contract with Sanchez – alive.

However, fourth-placed Liverpool face an easier task as they will have to play against relegated Middlesbrough, while Manchester City have already secured a coveted Champions League spot for next season.

If Arsenal finish fifth, Sanchez is likely to snub an offer from Arsenal. The PFA Player of the Year nominee realizes his worth and is demanding wages of £300,000-a-week but the contract hinges on the promise of Champions League football.

Arsenal's Chilean striker Alexis Sanchez reacts during the English Premier League football match between Arsenal and West Ham United at the Emirates Stadium in London on April 5, 2017. Arsenal won the match 3-0. / AFP PHOTO / Ian KINGTON / RESTRICTED TO EDITORIAL USE. No use with unauthorized audio, video, data, fixture lists, club/league logos or 'live' services. Online in-match use limited to 75 images, no video emulation. No use in betting, games or single club/league/player publications. / (Photo credit should read IAN KINGTON/AFP/Getty Images)
Arsenal’s Chilean striker Alexis Sanchez is quite in demand among big clubs across all leagues. (Photo by IAN KINGTON/AFP/Getty Images)

Several teams have been making the rounds to sign the Chilean player. Big names foreign leagues like Paris Saint-Germain, Bayern Munich, as well as rivals Manchester City in the Premier League, have all been targeting Sanchez.

Premier League champions-elect Chelsea are also believed to be vying for Sanchez, and it is understood that they will have higher chances of signing him after their fiery performance this season.

Diego Costa has been getting offers from China while Eden Hazard is rumoured to move to Real Madrid, which will give Conte all the more reason to sign Sanchez and also splash some big numbers for the same.

Another player Arsenal has been worrying about lately is Mesut Ozil. Both Ozil and Sanchez have a season remaining on their current contracts. Arsene Wenger, however, has been seemingly optimistic about their future at the club, despite reports claiming otherwise.

It will all come down to how Arsenal perform over this final weekend against Everton. Securing a top-four finish seems tough now, and without that, it will be even tougher for Wenger to try and retain Ozil and Sanchez.

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