While City have been in supreme attacking form despite the failure to land the Chilean on deadline day in August, Guardiola is said by sources to feel that the unbeaten Premier League leaders can do a double of domestic title and Champions League this season, so wants to press home with the purchase and add real strength in depth to his squad to seize the opportunity.
Arsene Wenger's position is still that Arsenal do not want to sell despite the 28-year-old's contract running out at the end of the season, but that stance was shown to be malleable in the summer when the London club ultimately agreed to sell the striker on the provision that they would be able to bring in a replacement.
The same view is understood to stand now, although Arsenal would still not let Sanchez go cheaply.
City are aware they will likely to have to come in with a big offer, if also to avoid the situation going to the wire in the way it did in August, and are prepared to do so even though the player will be available on a free in the summer.
The two clubs had finally agreed a deal on summer transfer deadline day, only for Arsenal to pull out when negotiations for a possible replacement in Monaco's Thomas Lemar broke down.
The expectation is that City will still have to pay over £50m to get Sanchez in January.
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