Arsene Wenger has confirmed a deal taking Alexis Sanchez to Manchester United is "likely to happen" and that Henrikh Mkhitaryan would move to Arsenal in exchange.
Sanchez's future has been in question for some time after it became clear he was not intending to extend his contract at the Emirates Stadium.
The 29-year-old can walk away for free in the summer and came close to joining Manchester City last year before a deadline day move failed to materialise.
Now he appears set to join Jose Mourinho's United as Arsenal again look set to lose a key player to a Premier League rival.
Asked if Sanchez's move to Old Trafford was close, Wenger replied: "I've worked on transfers for 30 years, so it is likely to happen.
"But at any moment, at any minute, things can break down. That's how the transfer market is. As long as it's not over the line, you have to accept that it can as well not happen. These kind of things are never guaranteed."
Mkhitaryan, 28, only moved to United in 2016 but has struggled to win over Mourinho and has been limited to three league starts since October.
The Armenia international shone during his spell with former club Borussia Dortmund, where he also caught the eye of Wenger when his Arsenal side faced the Bundesliga outfit in the Champions League.
"If it's a possibility, it's because I like the player," Wenger said after confirming Mkhitaryan would move the other way in exchange for Sanchez.
"We played many times against him when he was at Dortmund. He certainly appreciated the quality of our game and the way we play football. That's why certainly he loves the club as well.
"Look, this would be an exchange of players, and I think one would replace the other. Are we still on the transfer market after that? Yes."