The Bianconeri have been admirers of the Chilean ever since he played in Serie A for Udinese and were said to be lining up a January offer for the 28-year-old.
Reports in Italy were suggesting that Juve may include midfielder Miralem Pjanic as part of the deal, but the Gunners have warned off the Serie A club from making any bid.
The Mirror states the Italian side could offer “in excess of £60m” for Sanchez but there is no interest from Arsenal in making any deal. The forward currently has 18 months left on his current deal and has also been subject of large offers from China.
The Chilean has said on more than one occasion in recent weeks that he is happy to stay at the Emirates but negotiations over an improved new deal could be lengthy. The Gunners are said to be prepared to offer in excess of £200,000-a-week, more than Juve could probably propose, but bids from the Far East are no doubt influencing talks about high his new salary should be.