Reports have followed suggesting Pep Guardiola's side will return with a £20m offer for the Chile worldwide in the new year in an effort to test the north Londoner's resolve.
The Gunners face Watford in their first game after the worldwide break on Saturday lunchtime, but they are dealing with something of an injury crisis.
Ozil, meanwhile, is in talks with Arsenal over a new contract after reportedly being unable to find a club willing to match his £17.1m-a-year wage demands.
And when it was suggested that Arsenal might cut their losses on the pair in January, the manager added: "Once you are in our kind of situation, we have envisaged every solution yes".
"I have concerns. I will decide tomorrow what I will do", said the Frenchman on Thursday.
But while Arsenal have yet to make a concrete offer amid reported interest from clubs like Manchester United, Ozil hasn't ruled out extending his contract with the Gunners, the source said.
Alves was up against Sanchez on global duty this week when his Brazil side beat Chile in a World Cup qualifier which saw Sanchez's side crash out of the competition. "I will always appreciate him and I will always wish him the best wherever he goes".
'When you don't have the World Cup, you focus on your club'. He is very close to being considered like everybody else.
"If he keeps playing as he is he will go to the World Cup".
Bernardo Silva, one of City's marquee signings in the summer, has made just three starts this season because of the level of competition he faces at the Etihad Stadium.
Wenger then praised Jack Wishere who is knocking on the first-team door after spending last season on loan at Bournemouth.