The Gunners duo are set to be out of contract at the end of the 2017-18 season unless Arsenal can convince Ozil and Sanchez to stay.
Arsenal face the real prospect of losing their two prized assets on a free transfer next summer.
Of course, Arsene Wenger could decide to cash in on Ozil and Sanchez in the January transfer window to recoup some money.
The World Cup winner has been linked with a potential move to Manchester United in recent months where his former Real Madrid boss Jose Mourinho is currently in charge.
Sanchez, on the other hand, has been touted as a potential recruit for Premier League leaders Manchester City after the Citizens missed out on the pair in the summer.
Former Man United midfielder Wilkins believes Arsenal will have to pay a minimum £120m to replace Ozil and Sanchez.
“The situational baffles me,” Wilkins told BBC Radio 5 Live. “To replace Ozil and Sanchez will cost a minimum £60m each.”
Ozil moved to Arsenal in £42.5m deal from Real Madrid in the 2013 summer transfer window.
The Gunners snapped up Alexis Sanchez in £35m transfer less than 12 months later.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news