Arsenal will have to break the bank with Sanchez to ward off Real Madrid

The Chile international has been linked with a return to Spain — and the Gunners will need to act quick to show how much they value their talismanic forward.

WATFORD, England — The 35 million pounds ($54 million) spent by Arsenal to sign Alexis Sanchez was the second highest transfer fee in the club’s history, but the Gunners could easily double their money if they decide to cash in on their star player.

The Real Madrid rumors have continued to grow over the last few weeks and the Spanish giant is known for its tendency to chase the flavor of the month.

Sanchez is just that right now. His goal in Saturday’s 3-0 win at Watford meant the Chilean has now scored 10 times in his last six matches for club and country and he is in red-hot form.

If Arsenal chiefs have any foresight, they will sit sit down with Sanchez’s representatives to discuss a new contract before one of the European giants turns his head. The Gunners need to show just how much they value their showstopper. The 26-year-old has already played for Barcelona, so at least they can be ruled out as a potential suitor, but he could comfortably earn more money at another club.

Sanchez is paid £130,000 a week — nothing to sniff at — on the deal he signed when he joined Arsenal, which runs until 2019.

Only Mesut Ozil earns more than Sanchez but his market rate must surely be closer to £200,000 a week, especially when you consider that Wayne Rooney pockets a weekly salary of £300,000.

Sanchez was below his best for much of 2015 as fatigue seemed to catch up with him, but he is now in the kind of form that makes Arsenal a genuine title contender.

It is probably too much to ask him to dig the Gunners out of the hole they have dug themselves in Europe with defeats in their first two games and back-to-back fixtures against Bayern Munich to come Arsenal legend Thierry Henry told Goal in the summer that the club did not need to sign a Galactico because it has Sanchez.

“We obviously have to add a few but we have a special player already in Alexis Sanchez,” Henry said. “Alexis needs to settle a bit. He already had an amazing season but I expect him to be better next year. If he can stay injury free, he is that guy who can fire you to win the league.”

It looks like Henry was right. Sanchez scored 25 goals in his debut season for Arsenal — but he is playing even better at the moment.

It won’t have escaped the attention of the richest and most famous clubs in the world, whether Real Madrid, Manchester City or Paris Saint-Germain.

Sanchez is the kind of player that can inspire a side to the title.

Arsenal must recognize that and offer him a lucrative new deal before the whispers over Sanchez’s future grow into something louder.