Arsenal's hopes of securing a player swap deal involving Henrikh Mkhitaryan and Alexis Sanchez will be determined by the former's wage demands.

That is according to the ​Mirror, who understand that the ​Manchester United forward's salary expectations are holding up all other aspects of his side's reported £35m transfer for Gunners contract rebel Sanchez.

Arsenal and United both remain confident that a deal can be tied up that would see Sanchez move to Old Trafford, and that switch could still happen with or without Mkhitaryan being involved.

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The Armenia international has been linked with leaving the Red Devils after an alleged falling out with Jose Mourinho in late November, despite Mkhitaryan coming off the substitutes' bench in recent matches now that he is seemingly back in favour.

Mkhitaryan reportedly earns £150,000-a-week from his United contract and, whilst that pales in relative comparison to Sanchez's wage packet, the winger's request for more money is making ​Arsenal question whether he's a worthwhile investment.

The ex-​Borussia Dortmund star also wants a 'golden handshake' from United to leave - something the 20-times English top flight champions are refusing to entertain.

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Arsenal were confident of a player-plus-cash deal to finally end speculation over Sanchez's future, but those hopes are diminishing by the day as Mkhitaryan digs his heels in.

United have jumped to the head of the queue to snap up Sanchez after ​Manchester City walked away from signing a key transfer target.

The ​Premier League leaders were hesitant to pay Arsenal's £35m asking price and only wanted to fork over £20m for a player whose contract is up in six months' time.

With the club not feeling that deal is value for money, Pep Guardiola has rejected the chance to be reunited with Sanchez after they worked together at Barcelona despite City's long-term chase for the 29-year-old.

​Liverpool and ​Chelsea were also tentatively touted as destinations for Sanchez but United are clear favourites to add him to their senior ranks.

Sanchez was left out of the Arsenal squad that went down 2-1 to ​Bournemouth on Sunday, with Arsene Wenger confirming that he would leave the club in the near future.