The Chilean is out of contract at Arsenal in summer and United set to rival Manchester City in trying to sign the Chilean.
Manchester United keen on bringing Alexis Sanchez to Old Trafford to bolster Jose Mourinho's squad
Manchester United could rival Manchester City for the signature of Alexis Sanchez this month after reportedly entering the race to sign Arsenal's Chilean forward.
The 29-year-old former Barcelona forward is due to reach the end of his contract at the Emirates Stadium this summer and has been repeatedly linked with a January switch to City.
However, Jose Mourinho's United are said to be keen to snatch Sanchez from under City's noses.
The Premier League title looks set to go to the blue side of Manchester this season, but United could strike a blow should they succeed in taking Sanchez to Old Trafford. Sky Sport Italia reported United are willing to offer a bigger fee and higher wages than City.
Press Association Sport contacted both United and Arsenal, with the Red Devils saying they were not aware of any bid for Sanchez while the Gunners declined to comment.
The United team are due to travel back from a short mid-season break in Dubai on Friday.
Phil Neville, who made almost 400 appearances for United, feels it would send out a big statement should United be able to sign Sanchez.
Neville told Sky Sports' Super 6 Class of '92 Facebook Live: "I think it would be an absolutely unbelievable signing.
"If you look back at Man Utd's big signings over the decades, (Eric) Cantona came out of the hat, (Robin) Van Persie was a surprise, and they both helped United win titles. I think this could have a similar impact. He's got the character to play at Old Trafford.
"It would be a coup, particularly for United fans, to have a player like Sanchez potentially come to them.
"It's pretty obvious he's not going to stay at Arsenal. I think if United were going to buy him, £25 million (Dh124.3m) would be an absolute snip."
The reports concerning Sanchez further claim that Henrikh Mkhitaryan has been offered as a makeweight in any deal with Arsenal.
Armenia international Mkhitaryan has struggled to hold down a first-team place at Old Trafford this season and Sky Sport Italia reports that Arsenal are keen on the former Borussia Dortmund midfielder.
Arsenal boss Arsene Wenger this week defended Sanchez and insisted the player's omission from his starting line-up for the League Cup semi-final first leg at Chelsea was "nothing to do with the transfer market".