The Chile star's representatives are expected to arrive in London to hold talks with Gunners officials in the coming days.
Sanchez is set to be offered a similar wage as current top earner Mesut Ozil, who earns £140,000-per-week.
Initial discussions with Sanchez's advisers have already taken place, while discussions with Barca chiefs are also well underway.
Arsenal are confident they can match the 25-year-old's wage demands and will meet Barca's £30million valuation, leaving them hopeful of bringing their move for the star, who has indicated he is willing to move to Arsenal, to a swift conclusion.
Juventus want to hijack the Gunners' move for Sanchez, who has already played in Serie A with Udinese.
However, there are serious doubts emerging over the Turin club's ability to fund a move for the South American forward.
Likewise, Liverpool are keen to take Sanchez as part of Luis Suarez's switch to Catalonia - but the forward has indicated he has no interest in moving to Anfield.
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