Alexis Sanchez has rejected Arsenal contract extension that will push his wages up to £9.3million a year.

According to the Daily Mail, Arsenal have offered the Chilean £180,000 per week; increase on the Chilean’s current deal worth £130,000.

However Sanchez, 27, wants a contract worth a minimum of £250,000 per week.

Dialogue between the player’s representatives and the club are ongoing, with Arsenal still hopeful.

Sanchez has just 18 months left on his contract and it is believed that Chelsea are monitoring his situation ahead of a potential move.

The forward has received a £400,000-per-week offer from China which his agents are using as a bargaining tool to secure the best deal for their client.