Former Liverpool midfielder Danny Murphy thinks that Arsenal should stump up £400,000-a-week wages to keep Alexis Sanchez at the club.

The Chilean has only one year left on his current deal with the Gunners, and the latest report from the Mirror claims that he has demanded a new deal worth £400,000-a-week wages from the North London club.

"What Sanchez is demanding, that's the going rate because he can get that elsewhere," the Murphy told talkSPORT.

"The simple equation is this: £400,000-a-week is £20m a year, over four years that's £80m.

"To sign a player to take his place, it's going to cost you at least £60m or £70m, and that's if you can find one.

"But Arsenal can't replace Sanchez with someone of his quality, because someone that good won't go there."