It appears that Alexis Sanchez's transfer to Arsenal is as good as done. Sport earlier reported that a deal had been completed for €38m, and Guillem Balague had the following tweet:
All agreed for Alexis. Will be anounced soon, possibly tomorrow.Arsenal will pay FCB £27.5 plus £2.3 for objectives. 4 years plus 1 optional— Guillem Balague (@GuillemBalague) July 8, 2014
While Balague is not the most reliable reporter to turn to, he's got fairly solid Barcelona sources, and this story had been floating about all day. The bigger news, though, is from Stan Collymore:
I'm fairly sure Collymore wouldn't make up talking to Wenger, and it looks like Alexis Sanchez is on his way to North London. While this is Arsenal, and we won't be 100% sure until the pictures are on Arsenal.com, it looks as though Arsenal have made their first big splash in the market.