The Daily Mail says City finally stamped their mark on the summer transfer market by opening talks over a £27million deal for Sanchez.
On Friday and chief executive Garry Cook and football administrator Brian Marwood flew to Italy over the weekend in the hope of capturing their long-time target.
City bid £21m for Sanchez in March but Udinese value one of the most exciting talents in Serie A at £30m. However, club president Giampaolo Pozzo, whose son Gino is heading the negotiations, said City are favourites to sign him ahead of Barcelona, Inter Milan and Juventus.
"If Sanchez were to leave I would give City the highest percentage to sign him because English football is rich and it knows how to value young talent," said Pozzo. "Inter, Juventus, Barca and City are all after Sanchez but no concrete offers reflecting the value of the player have arrived."