The Daily Mail says the Chilean is keen to move to Inter and has received permission from Manchester United to speak to the Italian giants and manager Antonio Conte with a deal on the cusp of being agreed.
Inter want to bring the forward to the San Siro on an initial 12-month loan deal, paying €5million (£4.5m) up front.
They would then pay United a further €18m (£16.5m) at the end of a second season-long loan spell.
United want to receive €25m (£22m) for Sanchez up front instead and are not keen on accepting the lower figure being offered by Inter.
There should be no difficulty in Inter agreeing personal terms with Sanchez though as he is willing to sacrifice some of his £500,000-a-week pay packet.