Report: Manchester City lodges improved £55M bid for Arsenal's Sanchez

Manchester City is reportedly upping the ante, hoping that the future of Alexis Sanchez lies at the Etihad Stadium.

City submitted an improved bid for Sanchez that's thought to be in the region of £55 million plus add-ons, according to the Guardian's Jamie Jackson. That's apparently way below Arsenal's valuation of the Chilean attacker. The Gunners allegedly want around £65 million before extras to tolerate a sale, and, even if the price is met, the transfer may not occur if the north London club can't find a replacement for the product of Cobreloa.

The add-ons for City's second bid for Sanchez are worth £5 million, according to Sky Sports News.

City's opening offer of £50 million was reportedly rejected Tuesday, and the Guardian's Ed Aarons and David Hytner reported Wednesday that it will likely take £70 million or more to locate Arsenal's tipping point.

Sanchez played under Pep Guardiola at Barcelona during the 2011-12 season, and the Catalan manager apparently made it clear to City's hierarchy that he wants the footballer at the Etihad. The English club allegedly named Raheem Sterling as a possible makeweight in the deal, but that's no longer the case.

Arsenal's 4-0 humiliation at Liverpool marked Sanchez's season debut, and he was seen crouching down by the touchline after Mohamed Salah produced the Reds' third goal, cut off from the rest of his teammates.