Alexis Sanchez is reportedly ready to sign a new five-year contract worth a huge £40m with Arsenal.

Arsenal marksman Alexis Sanchez edging closer to give his club a huge boost as the Chilean is pledging his future to the Gunners.

Sanchez and his spokesmen are said to have agreed on a new lucrative five-year contract which will make him stay with Arsenal until 2020 and also with the possibility of a wage around £40million in that 5-year spell.

The 27-year-old attacker, who was recently linked with Real Madrid, has been a revelation at the Emirates since moving in from Barcelona on a four-year deal last year for a stunning £33m.

When the reports linking him with Real starts to come, Sanchez made no mistake to stamp out the speculation burying the rumours as soon as possible.

“I’m very happy at Arsenal, I don’t think about leaving,” he said then.

“I always want to be the best at everything I do. I’m never happy with what I do; I always want to give more.”

The Chilean penned a deal worth £130,000 per week and it is suggested that his wage will now rise to almost £150,000 along with major incentives in principle.

Sanchez’s new deal will be followed up with a new contract with another Arsenal star Mesut Ozil as the Gunners are now sorting out new deals for their star performers.

It is also reported that Wenger is hoping to get both of them signed up and Arsenal plans to make a joint announcement as it would be a huge lift for the title push.

Since joining the Gunners, Alexis Sanchez is very much enjoying his life at Arsenal. The Chile international has already been a part of the FA Cup-winning squad and now looking to boost Arsenal maintaining their title challenge this term.

Arsenal have already signed forward Theo Walcott and defender Nacho Monreal on new contracts, and now the Gunner’s biggest performing pair are close to follow the suit.

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