The 28-year-old forward was the Gunners’ shining star in a disappointing campaign last season where they finished fifth and failed to qualify for the Champions League for the first time in Arsene Wenger’s reign.
But Sanchez, whose contract expires next summer and who is understood to want to join former boss Pep Guardiola at Manchester City, is not willing to wait another year to return to European football’s premier club competition.
"I want to play in the Champions League,” he told reporters in his native Chile.
“The decision isn't down to me, I need to wait for Arsenal.”
Reiterating claims he made in the wake of the Confederations Cup, where Chile lost the final to Germany, he added: "I've made my decision, now I wait for Arsenal's reply.
"The idea is to play in and win the Champions League. It is something that I have dreamed about it since I was little.”
Arsenal summer transfer targets
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Manchester City are understood to be quietly confident that they can sign the player this summer and he forms a big part of Guardiola’s planned recruitment drive.
Bayern Munich have also retained an interest in the former Barcelona forward but can’t offer him the personal terms he requires.
Premier League transfer round-up: Chelsea sign Bakayoko
Arsenal are understood to have offered Alexis the biggest contract in their history to remain at the club, but as of yet the Chilean has shown little inclination to extend his deal and while Arsenal’s stance remains that the forward will not be sold.
If no extension can be agreed then the 28-year-old can leave on a Bosman next summer.
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