The Chilean has a year left on his contract with the Gunners and has been widely linked with a move away from Arsenal with Manchester City believed to be keen to get him.
He is now appealing against a two-month prison sentence for assaulting a police officer past year and, because of that conviction, was banned from entering the United Kingdom for PSG's Champions League fixture against Arsenal last season.
Arsene Wenger has remained adamant so far this summer that Sanchez will not be sold.
Having played in the Confederations Cup up until the final on July 2nd, Sanchez was given an extended summer break which included missing Sunday's Community Shield penalty win over Chelsea.
"I can't tell you that at the moment", said the Arsenal manager.
The 23-year-old England worldwide has struggled to secure a regular place since arriving at Arsenal six years ago, but Wenger believes the winger has the potential to become a great player.
"I have plenty of uncertainties about the players who didn't play against Chelsea", he said. "But of course at the moment I have now 33 players and it is very hard to manage on a daily basis such a high number".
A poor start to the season has severely hampered Arsenal's ambitions over the past seven seasons, winning just once with three draws and as many defeats.
The Sun report Arsenal have made a breakthrough in negotiations with the 28-year-old with no other club in Europe prepared to offer him the same amount of money. 'I have sympathy for him.