Alexis Sanchez transfer saga: What are Arsenal's options? 

Consistency is one of Arsene Wenger's favourite words. Unfortunately, that rings true with several negative connotations when the north London club does business in the transfer market.

Their inability to convince world class players to extend their contracts has always left the Arsenal squad in a state of flux without the continuity to really challenge for titles.

Ever since the Emirates move, Wenger's project has convinced players to join before they are ultimately disillusioned by the club's reluctance to surround them with equally good - if not better - players.

It was Cesc Fabregas, Samir Nasri, and Robin van Persie in the past. And now, Wenger finds himself in a similar situation with Alexis Sanchez.

So what are his options regarding the wantaway Chilean forward?

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#1 Sell him to Manchester City in January?

Pep Guardiola had signed Alexis when he was at Barcelona

It's no secret that Manchester City attempted to sign him last summer. With a year left on his contract, Pep Guardiola and co. offered the Gunners £60m last August to bring him to the Etihad.

However, that deal broke down on deadline day when Arsenal failed to sign AS Monaco's Thomas Lemar with a record-breaking bid (reportedly £92m).

Now, again, City approached Arsenal with a bid that was a measly £20m while Arsenal held out for at least £35m. The major stumbling block for City was reportedly Alexis' wage demands which were £250,000 per week.

City seemed to have agreed personal terms with the player but Arsenal haggled over the price, hoping to reach a compromise in the £25m-£30m range - as they are entitled to do.

But as soon as it became apparent that Gabriel Jesus would return sooner than expected, City's interest suddenly cooled off. It was no coincidence.

Do City really need him with Leroy Sane and Raheem Sterling playing so well, though? Sane (6) has scored almost the same number of goals as Alexis (7) while Sterling has scored twice the number of goals (14) in the league.

Whether Wenger decides to cut his losses and cave in is another matter. Arsenal have money in the bank having spent less than they received last summer. The only question is who he will reinvest that money in now.

City have effectively wrapped up the league so Wenger won't be strengthening a title race rival considering they are already 23 points behind!

A swap deal with the out-of-favour Sergio Aguero, perhaps?

#2 Sell him to Manchester United in January?

Will Jose Mourinho sign an Arsenal player?

This is where the saga got interesting. While City and Arsenal were involved in transfer negotiations, Manchester United suddenly entered the fray stating their interest in the Chilean star. The Red Devils were also ready to pay a higher amount (£25m) to sign him now and also add Henrikh Mkhitaryan to the deal as a sweetener.

With City ready to walk away over the player's personal demands which also involved a high agent's fee - too much for a player who will be available for free in six months' time - United suddenly became front runners in the transfer.

"In relation to Sanchez all I can say, which everyone else says, is that he is a phenomenal player. I feel I shouldn't say much more than this." - Mourinho

But does Alexis want to move to United? Does he want to play for Jose Mourinho?

Probably not. But in his desperation to simply move away from the Emirates, will he accept a move to Old Trafford if City really do back away from the deal?

From Arsenal's point of view, signing Mkhitaryan may not be ideal. The Armenian's form has been poor ever since his move from Borussia Dortmund.

Moreover, Mesut Ozil's contract situation is still not sorted out. If the German does indeed stay, Mkhitaryan would be dead weight.

And do Arsenal really want to sell their best goalscorer to United again? Do they want to make the same mistake again - especially since they will be competing with United for a top four spot?

Most importantly, does Wenger want to strengthen Mourinho's squad? He is his arch nemesis after all.

Doing so would not only be a sign of surrender but it would also alienate the fanbase who have still not forgiven the club for not taking a stronger stance in the Robin van Persie saga.

#3 Negotiate with foreign clubs and sell at a lower price?

Franck Ribery (34) and Arjen Robben (33) will need to be replaced soon

“It looks like Sánchez will not extend his contract." - Arsene Wenger

After repeatedly stating that he does not want to lose the Chilean, Wenger is now resigned to his departure. It's only a matter of time; a question of 'when' rather than 'if'.

If City walk away from a potential transfer and Arsenal refuse to sell to United, one other option they do have is to sell him to a club outside the Premier League.

The only issue with this course of action is that there aren't many buyers willing to take him on. The biggest stumbling block again is Alexis' wage demands.

Bayern Munich and Juventus have been linked in the past and have reportedly approached his agent. But they could never come to an agreement regarding personal terms even if they were ready to spend money to bring him to the club.

"If you have a good player, you will not give it up just for a huge amount of money. We will not be ready to spend horrendous money on a transfer. But maybe there is a good candidate who does not cost a lot of money and makes sense." - Bayern Munich president Karl-Heinz Rummenigge

With Franck Ribery and Arjen Robben not getting any younger, Bayern signing Alexis makes sense. But it also needs to be drilled into Alexis' head that very few clubs will be willing to pay silly money - and most would rather wait till the summer to sign him once they have place in their squads.

For Arsenal, selling to a foreign club is ideal as it doesn't strengthen a direct rival in the race for the top four and Champions League spots.

#4 Keep Alexis and let him go for free in the summer?

Wenger convinced him to join Arsenal - can he convince him to stay just a little longer?

"People don't know Alexis well - this is a guy who is completely focused to play football. The only thing I want to say is the performance of Alexis and the commitment does not depend on the duration of his contract, it just depends on the fact that when he's on the pitch he wants to play." - Arsene Wenger

This holds true in the case of Alexis Sanchez. No matter the storm that's brewing off the pitch, when he is on the pitch he is the consummate professional.

A hardworking player in his own right, Alexis has been the difference between a win and a loss numerous times for Arsenal. When surrounded by good players in-synch with his movements (such as Ozil), he is devastating in the final third.

Which is why retaining Alexis for the remainder of his contract makes perfect sense for Arsenal. The Gunners are still in with a shout for the League Cup and Europa League (a backdoor to the Champions League if they don't make the top four).

Despite his poor form this season, he is still their top goal scorer in all competitions - level with Alexandre Lacazette who is still coming to terms with life in England and going through a goal drought of his own.

Wenger's philosophy of beautiful football is long gone and this squad is only a painful reminder of what could have been. But Alexis is still capable of conjuring those magical moments that the Gunners so desperately need.

Verdict?

To retain Ozil, Arsenal must retain Alexis

When Arsenal sold Robin van Persie to Manchester United, it allowed the Red Devils to win the Premier League title virtually unchallenged as the Dutchman won his second PL Golden Boot in as many years.

Wenger cannot afford to - nay, must not - lose Alexis in the same manner. The only difference is that this is a scenario they face midway through the season rather than the summer.

Without a suitable replacement on hand, selling Alexis would defeat their own ambitions of becoming a top tier club that is an attractive proposition for any star.

How can they hope to convince Mesut Ozil to sign a contract extension when you sell the club's next best and arguably only other world class player?

Bordeaux forward Malcom has been linked but the 20-year-old Brazilian is one for the future rather than an experienced player who can immediately slot in and deliver like Alexis does.

This side is bereft of potential goal threats. Apart from Lacazette's struggles, Olivier Giroud is injured, Danny Welbeck is highly inconsistent and Theo Walcott finally looks set to depart with Everton interested in his services.

Ultimately, the club must put its foot down and ask him to see out his contract if they really want to compete. But knowing Arsenal's propensity to sell and recoup money, it is inevitable that Alexis could be sold before Deadline Day.