Manchester United are set to land Alexis Sanchez from Arsenal by making him the Premier League's highest paid player, according to several reports on Thursday.

The Chilean striker would earn between 400,000 and 500,000 pounds ($555,000 and $690,000) a week before tax by moving to Old Trafford, according to The Sun, the Daily Telegraph and other newspapers.

The 29-year-old's wage demands are said to have scared off Manchester City and Chelsea, leaving United as his main suitors.

The Daily Telegraph reported that United have offered Sanchez a four-and-a-half-year contract and he would move for a £30 million transfer fee -- it is relatively low because he could leave for free at the end of the summer.

The deal for the former Barcelona player would also likely involve a £20 million signing-on fee and a £10 million agent's fee.

The Sun reports however that Arsenal could still refuse to allow Sanchez to leave if they do not find a replacement.

The agent for United's unsettled midfielder Henrikh Mkhitaryan said this week a deal for Sanchez hinged on Mkhitaryan moving to Arsenal, but The Sun said such an agreement had yet to reached.

United manager Jose Mourinho left 28-year-old Mkhitaryan out of his squad to face Stoke last Monday due to "doubts about his future".

Mourinho said this week it would be "great" if Sanchez joined although he remained non-committal.

United are second in the Premier League, 12 points behind runaway leaders Manchester City, and Sanchez's capture would be seen as a statement of intent from a team already paying huge wages to French international midfielder Paul Pogba and Belgian striker Romelu Lukaku.

Arsenal, struggling to compete for the Champions League places and knocked out of the FA Cup, have been linked with Borussia Dortmund's wantaway forward Pierre-Emerick Aubameyang and Bordeaux's 20-year-old Brazilian striker Malcom.