Spanish outlet Don Balon say the forward is in two minds about committing to the north London side.
His contract still has 18 months left to run and his future is up in the air.
The former Barcelona star thinks Wenger has given all he can and should step aside at the end of the season when his contract ends and allow fresh blood in.
Sanchez is also said to be asking for a massive increase on his £130,000-a-week terms to around £300,000-a-week.
This is problematic for Arsenal as Mesut Ozil is also demanding a huge pay rise at the same time.
Do you think its Wise for Arsenal to Sack Wenger just to Retain Sanchez?