Arsenal will not accept a Deadline Day cash offer for Alexis Sanchez, according to Sky sources.
The Gunners believe they have done good business in selling Alex Oxlade-Chamberlain for a fee understood to be £35m while in the last year of his contract, but want to keep hold of Sanchez as they do not have enough time to sign a suitable replacement.
Arsenal insist they have not received any further offers for Sanchez after rejecting a £50m bid from Manchester City.
City remain very keen to sign Sanchez from before Deadline Day ends, though, and will improve on that initial offer.
Raheem Sterling had been wanted by the Gunners as a part of a potential deal to take Sanchez to the Etihad Stadium, according to Sky sources, but it is understood the winger will not be leaving Manchester City for Arsenal before the transfer deadline.
The Gunners are happy with their two summer signings, Sead Kolasinac and Alexandre Lacazette, and have no interest in Leicester City winger Riyad Mahrez.
There could be more outgoings at Arsenal, however, with Lucas Perez and Mathieu Debuchy potentially leaving, while Joel Campbell may depart on another loan deal.
Arsenal remain adamant Shkodran Mustafi will not be leaving the club before the window shuts.