https://www.theguardian.com/football/2017/apr/25/arsene-wenger-alexis-sanchez-arsenal-new-deal
“If he doesn’t sign a new deal, will I make him stay? Yes,” Wenger said. “Would I rather keep him than sell him to a Premier League rival? Yes. I don’t think you would sell him to any Premier League club, that is for sure. Why not? The question is more why would you sell him to another Premier League club? You want to be as strong as you can be and not strengthen the other teams.
“I think he will sign and stay because, first of all, he is happy here. His desire is to stay. That is what I deeply believe. The disagreements are purely contractual – not on the desire. Both parties have the desire to find an agreement, so I think it will happen.”
If Sanchez rejects a new deal then IMO the only way he isn't sold is if the only offers matching our valuation are from PL rivals. Any talk by AW re keeping him so as to avoid a repeat of the RVP scenario simply does not hold water in terms of the financial/transfer strategy, let alone the previous sales of the likes of Nasri & even Fabregas, even if he did retain Sagna & others to their departure at the end of their contracts.