The agent of Arsenal attacker Alexis Sanchez is in Germany for negotiations with Bayern Munich.
El Murcurio reports talks over the transfer are 'advanced'.
Sanchez will be paid almost €13m a year by Bayern, with Manchester City the other big option on the table for agent Fernando Felicevich and his star client.
City manager Pep Guardiola has made no secret of his admiration for the player he worked with during his time as Barcelona boss, but Arsenal sources have suggested they would not sell Sanchez to a domestic rival.
The financial package on offer from Bayern equates to wages of close to €290,000-per-week, which is substantially more than Sanchez current earns at Arsenal.