The Chile international missed out on a move to the Citizens in the summer after Arsenal failed to sign a replacement.
Sanchez has struggled to recapture his best form in the Premier League term with a disappointing four goals in 15 games.
The South American’s attitude has attracted criticism from some Arsenal legend such as Ian Wright.
Manchester City are sitting 13 points clear of second-placed Manchester United at the top of the Premier League title.
The Citizens have been linked with a fresh attempt to sign Sanchez in the January transfer window.
Former Chelsea winger Nevin believes there is a chance Sanchez will move to the Premier League leaders next month.
“They might get Sanchez,” Nevin told Irish radio station Newstalk. “There is a 30-50 % chance they’ll get Sanchez.”
Sanchez moved to Arsenal in a £35m deal from La Liga giants Barcelona in the 2014 summer transfer window.
The Gunners forward has won two FA Cup titles in three seasons since his move to the Gunners.
Sanchez scored Arsenal’s first goal in a dramatic 3-3 draw with Liverpool FC at the Emirates Stadium in the Premier League on Friday night.
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