Latest: Man City prepared to wait until Alexis Sanchez becomes free agent

Latest: Manchester City are prepared to walk away from a deal to sign Arsenal's Alexis Sanchez, it is understood.

Update 5.07pm: Manchester City are prepared to walk away from a deal to sign Arsenal's Alexis Sanchez, it is understood.

The Premier League leaders feel the overall price for signing the Chile forward this month - transfer fee, agent costs and wage demands - is currently too high and must come down.