Jose Mourinho is looking to bolster his attacking options at Old Trafford.
Having missed out on Inter Milan winger Ivan Perisic last year, reinforcements are still desired.
While PSG’s Lucas Moura has been linked of late, a shock swoop for Sanchez is now being eyed.
Reports suggest a bid worth around £25m has been made to Arsenal, with Mourinho hoping to hijack Manchester City’s move.
Pep Guardiola’s side have tabled £20m, but United are prepared to offer more money and bigger wages.
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How Manchester United’s starting XI could look with Alexis Sanchez
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“It appears both he and Sanchez could end up at Old Trafford this year”
Even if Sanchez does arrive, the Red Devils will continue with their plans to sign Bale from Real Madrid at the end of the season, according to the Daily Mail.
Bale is admired by Mourinho and has long been a target for Manchester United.
Real are ready to sell the Welsh superstar in the summer as they plan to overhaul their frontline.
And it appears both he and Sanchez could end up at Old Trafford this year.
United need a successor to Zlatan Ibrahimovic, with the striker unlikely to stay beyond this term.
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And while Mourinho has been at odds with the club’s hierarchy over spending, it seems they are ready to back him with the two major moves.
The Daily Mail add Mourinho was initially told by United there is £80m available in funds for January signings.
But inflated prices have meant United have been reluctant to fork out on players unless one of notice becomes available.
Sanchez certainly fits the bill, and Henrikh Mkhitaryan could join Arsenal as part of a deal.
United, though, still face strong competition from neighbours City, while a switch for Bale ahead of the summer is not agreed yet either.