The Gunners fought hard to keep Chilean superstar Sanchez at the Emirates last summer but he is nevertheless expected to leave either in January or next summer.
Manchester City, the Premier League leaders, launched a deadline day move for the 29-year-old and remain hopeful of bringing him to the Etihad.
And, according to the Daily Star, Arsenal have made Bayer Leverkusen winger Bailey their prime target to replace Sanchez and are ready to launch a move.
Bailey, 20, joined Bayer Leverkusen earlier in the year after impressing for Belgian side Genk. He is valued at around £35million by the Bundesliga outfit.
The Jamaica U23 international has reportedly been scouted by Chelsea and Manchester United in recent weeks but Arsenal are hoping to fend off interest to bring him to north London.
In 16 games this season, Bailey has scored eight goals, including three in his last two appearances.
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