City ran out of time when trying to sign the Arsenal star before last week's transfer deadline, but reports are rife suggesting they will try again when the window opens again in the new year.
However the figure on offer will be nowhere near the £50 million they were willing to pay last week, as he is due to fall out of contract at the end of the season and will be able to walk away on a free transfer.
Arsenal boss Arsene Wenger has always said he is willing to run the risk of that happening, but he may have a change of heart and decide to recoup some cash in January, depending on how well the Gunners are doing.
It looks highly unlikely that Sanchez will pen a new deal with Arsenal, and it is thought a move to City, where he could link up with Pep Guardiola again, will happen at some point in the future.
Rumours also refuse to go away suggesting that a swap deal involving Raheem Sterling could also be on the cards.