Sanchez has been linked with a move to Old Trafford with Mkhitaryan going the other way.
Mkhitaryan (28) was left out of United's matchday squad to face Stoke City last night, and a move away from Old Trafford seems nearly certain, whether that be to Arsenal or to his preferred destination of former club Borussia Dortmund.
ALEXIS SANCHEZ has reportedly agreed to join Manchester United. We have to protect him and to protect the team a little bit, so let's make sure that he stays with us or that he leaves us.
The Chilean is in past year of his contract with the Gunners, and it was long expected that he could leave in January.
Sanchez, 29, looks to have played his last game for Arsenal, with manager Arsene Wenger saying on Sunday that his move could be confirmed "in the next 48 hours".
But Conte will be undoubtedly pleased that Chelsea are making a move for one of the best players in the Premier League.
While Chelsea are unlikely to have a problem in mustering up the fee to match Manchester United, they will have to break their wage structure in order to incorporate Alexis Sanchez's wage demands. It's possible but it's also possible that he stays. I get City's point around the morals but for them to go and sign another Sanchez style player it's going to cost them £130m to £140m.
Manchester United's bid to sign Alexis Sanchez from Arsenal hinges on Henrikh Mkhitaryan moving the other way, the Armenian player's agent said Tuesday as Antonio Conte distanced Chelsea from a potential deal.
"I don't know anything about it. I didn't select him because I wanted players fully focused and I understand that with so much talk and speculation it's not easy for Mkhitaryan to play".
Speaking about Mourinho's decision to leave Mkhitaryan out of the squad, Neville believes it is a clear indication that a deal for Sanchez is close and that the 54-year-old manager would be completely fine with a swap deal.