Charlie Nicholas has urged Alexis Sanchez to commit his future to Arsenal.

The Chilean ace is yet to sign a new contract with the Gunners with some reports suggesting he is holding out for around £200,000 per week.

Recent reports indicate that cashed-up Chinese clubs are set to offer Sanchez an astonishing £400,000 a week but former Gunners star Nicholas has pleaded with the 27-year-old to stay put.

"Sanchez has won everything at Barcelona, he's won the Copa America with Chile, what else does he need? Do you need love, do you need care, do you need a birthday cake with candles on it?" the Sky Sports pundit told the Premier League Daily podcast.

"I think the love of the game that he shows, the desire to still be a top player, tells me he wants to be in a top league with a top team. He's been at Barcelona, where else can he go? I think he's at one of the finest clubs he could ever wish to be.

"If he's happy, sign the deal. He'll get another wage top-up. I think when Cesc Fabregas was captain, he got another £5m a year or so from sponsorship so there are ways to do different pieces of business without always making it look like it's just a top-up in wages.

"Arsenal have got to make a point to say we don't need to spend £50m or £60m the way the other clubs are. Maybe (spending big) once a season but let's focus on keeping these top players."