As Chelsea start a new era at Stamford Bridge under 33-year-old manager Andre Villas-Boas, City hope to beat Barcelona to the signing of Udinese's Sanchez.
Top target: Alexis Sanchez joined Udinese from Chilean outfit Cobreloa for ?2million in 2006
City have spent more money than any other club in five of the last six transfer windows but were usurped in January by Chelsea, who splashed out ?75m on Fernando Torres and David Luiz.
Now, despite having eight unwanted players on the wage bill, City owner Sheik Mansour has sanctioned a second bid for Sanchez, 22, having had a ?32m offer turned down.
Financial clout: Sheik Mansour (left) wants to cock a snook at Roman Abramovich
The midfielder wants to join Barcelona but they cannot match City's offer and have prioritised Arsenal's Cesc Fabregas and ex-Manchester United striker Giuseppe Rossi.
Although Udinese are holding out for ?45m, they risk losing Sanchez to another club for less.
Red hot: Sanchez has netted 13 times in 37 appearances for Chile
City have had a quiet summer in the transfer market as they try to trim their squad.
But with nobody willing to pay top fees and wages, City will bring in their top target before selling.
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Source: Daily Mail
Source: Daily Mail