The Chilean will only have a year left on his deal come the end of the season but the Gunners won't take less than £50m

Arsenal will demand at least £50million for Alexis Sanchez if the forward refuses to sign a new deal.

The Gunners will stick to their guns over their valuation, even though the 28-year-old — who has scored 23 goals and made 12 assists this season — will have just a year left on his contract come the summer.

As we revealed in December, champions-elect Chelsea want to sign him and will make their move once - as is now expected - it becomes clear he does not intend to extend his stay at the Emirates

The Chile international’s representatives are demanding his weekly salary goes up from the current £130,000 to around £300k.

Gunners boss Arsene Wenger revealed last week that talks have been put on hold until the summer, and Arsenal insist Sanchez will not join another English club.

But it is feared he could follow the likes of Robin van Persie (Manchester United), Gael Clichy, Samir Nasri (both Man City) and Ashley Cole (Chelsea) and end up moving from Arsenal to one of their direct rivals.