Over the last few months, the Chile global has been linked to Chelsea, Paris Saint-Germain and Bayern Munich.
It would be that relationship which makes any move for Aguero to Arsenal at all viable.
According to the story, the Citizens would be open to the departure of Aguero after the Argentina striker endured a mixed first season playing under Guardiola.
Despite that, losing Sanchez this summer would be a heavy blow to Wenger's credibility, especially after his own contract extension did not receive universal approval from Arsenal fans. At times during the campaign Guardiola dropped Aguero, favouring Gabriel Jesus instead. So too would chairman Khaldoon Al Mubarak, who declared in May there had "never been a doubt" Aguero could leave Manchester.
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As far-fetched as the report may seem, there is some sense in the speculation.
In public, City have always maintained that Aguero remains an important part of the club and will not be leaving under any circumstance.
The 28-year-old also had a great season last year, scoring 30 goals and providing 19 assists in 51 outings in total, but the wait goes on to determine whether or not he'll commit his long-term future to Arsenal.
Sanchez has just a year left on his current deal and does not look any closer to extending his stay.
But with Sanchez keen to leave a striker swap for Aguero could be the ideal solution for both clubs.