Manchester City boss Pep Guardiola still remains keen to bring in Alexis Sanchez before the deadline.
City have so far made just one bid in the region of £50 million and have had it rejected by Arsenal – contrary to the reports of a second bid.
City are likely to improve their bid and come again at Arsenal with club officials in Chile to help coordinate any medical or personal negotiations if a deal is agreed between the two clubs.
Sanchez has less than 11 months remaining on his current contract and is yet to sign terms on a fresh deal at the Emirates.
Arsenal denied claims that Sanchez had handed in a transfer request, but Chilean media T13 reported on Tuesday that the 28-year-old had asked to leave the Chile training camp to “conduct personal business”.
Arsene Wenger has reiterated his desire to keep Sanchez throughout the summer and said earlier this month that he hoped the former Barcelona man would extend his contract.
Arsenal were said to be interested in any deal if Raheem Sterling was a part of the deal but the England international is not interested in moving to the Emirates
Simon Stone, a reporter for the BBC, told Radio 5 live there were a number of difficulties with getting the deal over the line, despite City’s interest.
He said: “Manchester City are really really keen to sign him [Alexis Sanchez].
“As we already know, Arsenal need money but they also need a replacement.
“If those things can fit together, bearing in mind, Chile have actually got a match tonight, then I can see the deal going through.
“City won’t give that up without a fight.”
The reporter said that the deal was becoming more and more unlikely throughout the day, as Sanchez would not be able to complete a medical.
“The longer this goes on, the more you have to think that this is going to be impossible to get across the line,” he added.
“I think we are already in a situation where if a deal was agreed it is going to be very hard to do a medical, purely because Sanchez has got a match tonight.
“It’s early in the morning in South America at the moment so nothing will be happening there.
“It’s something that I think has legs and I wouldn’t give up on that just yet.”