Manchester United and Arsenal have agreed upon a transfer of Alexis Sanchez for Henrikh Mkhitaryan in a straight swap.

United valued Mkhitaryan at around £35 million, the fee Arsenal were demanding for Sanchez.

Sanchez was out of contract with Arsenal this summer.

Sanchez could earn as much as £14 million-a-year after tax or £500,000-per-week.