Arsenal transfer news: Paris Saint-Germain call a halt to ppursuit of Alexis Sanchez

Alexis Sanchez’s potential move to Paris Saint-Germain has been put on hold, according to reports in France.

The Arsenal forward met with the Ligue 1 club’s sporting director Antero Henrique on Friday to discuss terms of a four-year contract at the Parc des Princes.

But French newspaper, Le Parisien, claim negotiations with the player are now over after talks broke down over wage demands.

It is reported there is now 'very little chance' of a move for Sanchez this summer after Arsenal resisted all PSG's attempts to sign the Chilean star, including the offer of sending a PSG player the other way.

Sanchez has stated his desire to play Champions League football next season, but Gunners boss Arsene Wenger has insisted his prized asset is not for sale.

The 28-year-old has one year remaining on his contract at the Emirates Stadium and remains a target for Pep Guardiola and Manchester City, who could now step in.

It's bad news for PSG, whose attempts to sign Barcelona superstar Neymar for a world-record fee also appear to have failed.

The French giants were reportedly ready to pay the Brazilian’s £199million release clause and provide wages totalling £500,000-a-week, in a bid to lure him away from the Camp Nou.

However, the forward has apparently told team-mates he is not joining PSG and will remain at the Nou Camp this summer.