Alexis Sanchez is on the verge of a move to Man City.
The two clubs were in talks over a £60m move six months ago which fell through late in the day.
But Goal now report that the deal is back on and sources close to Sanchez are confident of him becoming a City player soon.
Sanchez was left out of the Arsenal squad which were humiliated in the FA Cup third round.
The Gunners lost 4-2 to Championship outfit Nottingham Forest.
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Mesut Ozil is also out of contract at the end of the season.
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Once Sanchez’s deal goes through he will be eligible to play in the Champions League, despite already playing in the Europa League this year.
Arsenal would then turn their attentions to Mesut Ozil, who is also out of contract at the end of the season.
They have yet to receive any interest in the German playmaker and Wenger is still hopeful of him penning a new deal.
Jack Wilshere and Olivier Giroud also have six months left on their current deals.