Well from our side: We don't really need Sanchez this moment and are willing to wait because that means a lower price. Our first bid was reported as £45m I believe and we are slowing increasing it.
The closer the end of the window comes the stronger our bargaining position gets. Arsenal probably want £70m+ but will probably have to settle for less given their inferior bargaining postion.
Sanchez hasn't put in a transfer request because he doesn't need to. He made his position clear behind the scenes and has nothing to gain from making it public because he KNOWS Arsenal will sell. Coutinho and VVD know that their respective clubs would prefer to keep them given they both have many years left on their contract and if they don't force a move, the move has zero chance of happening.
Arsenal have just offered the Ox a new bumper contract and are desperately trying to get him to stay. They are in a terrible postion bargaining wise because everyone knows that if Ox, Ozil & Sanchez all see out their contracts, Arsenal will have to spend £150m+ JUST to replace them, how about the additional money needed to improve other positions and the squad in general. They will never spend that kind of the money under Stan & the board.