But while replacing the prolific Sanchez is going to be tough for the Gunners, especially in this highly inflated transfer market, Arsenal have targeted Pierre-Emerick Aubameyang as a potential replacement for the Chilean.
Consequently, a move to north London would see the 28-year-old earn in excess of £300,000 - completely blowing the club's record out the water.
Chelsea are eyeing up Arsenal striker Olivier Giroud for a possible move across this month. He told Arsenal's official website: 'Here at Arsenal I know that lots of players move a lot and it's incredible the way [the team] plays.
Asked where he will play Mkhitaryan, Wenger responded: 'I think he can play in all midfield positions. Maybe some youngsters are loaned but the experienced side of the squad stays the same unless someone comes in'. I am perfectly happy with the players I have.
The transfer window will slam shut on January 31, and the saga looks set to rage on as we near the deadline.
Meanwhile, The Telegraph reported that Arsenal are in negotiations with West Bromwich Albion to secure the services of Jonny Evans in a deal worth around £20m.
Wenger was then asked whether we can expect Mkhitaryan to make his Arsenal debut against Swansea City next Tuesday.
Arsenal's Nacho Monreal (left) celebrates his goal with Shkodran Mustafi during the League Cup semis against Chelsea. He is an important player and every player has a lot of respect for him.
Wenger added: "We need to recover a little bit from a very intense match against Chelsea, and will to prepare properly for this game".