Website the Gambling Times is reporting that the Citizens are pondering whether to include Aguero in a package to sign the Chile international.
The same article says Manchester City are aware that Aguero could become unhappy if Sanchez moves to the Etihad Stadium and starts alongside Gabriel Jesus in Pep Guardiola’s team.
However, the story suggests that the Eastlands outfit don’t consider Arsenal serious title contenders, which could make an Aguero-Sanchez swap deal more likely.
Aguero found himself out-of-favour for part of the 2016-17 campaign under the new Manchester City boss to prompt talk of a summer move.
The 29-year-old still finished the season with a respectable return of 20 goals and three assists in 31 appearances in the Premier League.
Sanchez, though, netted 24 times in 37 appearances to end up as Arsenal’s leading goal-scorer in the English top flight.
The former Barcelona forward has less than 12 months remaining on his current Arsenal contract to trigger talk of a potential exit in the current transfer window.
Arsenal will face Premier League champions Chelsea in the Community Shield on Sunday.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news