Manchester City have made a last ditch effort to sign Arsenal contract rebel Alexis Sanchez by offering Raheem Sterling in a sensational cash-plus-player deal. Pep Guardiola's side are running out of time to convince the Gunners into parting ways with the Chile international but are ready to test the patience of their Premier League rivals with a late offer in the summer transfer window.

Mirror Sport understand City have submitted a new offer for Sanchez, a package which includes Sterling who would move to The Emirates Stadium as part of the deal. Though the 22-year-old has scored in the draw with Everton and win over Bournemouth, his opportunities would be limited by the arrival of Sanchez who Guardiola wants to supplement his star-studded attack.

Arsenal want to keep Sanchez and are prepared to miss out on a bumper fee for his services and lose him for a free next summer. The club are however understood to be open to considering any deal worth £70m and the opportunity to sign one of England brightest young talents could prove too tempting to turn down.

Sterling joined City in 2015 from Liverpool and has scored 23 goals and made 31 assists in 97 games. But the fierce competition for places means he is not always guaranteed a starting berth whereas he would likely be first choice at Arsenal; a key factor in a season directly before the World Cup finals in Russia next summer.

But the former Queens Park Rangers youngster may be wary of the lack of progress made by a stream of English players at Arsenal including Theo Walcott, Danny Welbeck and Alex Oxlade-Chamberlain who is close to moving to Premier League champions Chelsea. Sterling would also be trading in Champions League football for the Europa League as well a regular challenge for the title; a potentially tough compromise for a player who has only won one major honour during his career.

It remains to be seen whether Arsenal - who have only signed Alexandre Lacazette and Sead Kolasinac this summer - consider the latest offer but they are likely to come under huge pressure to sell in the final three days of the window. The proposal comes just days after the club suffered a humiliating defeat at Liverpool which has created more questions over Arsene Wenger's ability to lead the club just months after he signed a new two-year contract.

Alexis Sanchez and Raheem Sterling
Could Sanchez and Sterling be moving in opposite directions? Getty Images