City had been prioritising signing a centre-back during the January window but are now set to put a move for Real Sociedad's Inigo Martinez on the back burner.
Liverpool could also revive their interest, having tried to sign him when he left Barcelona for Arsenal in 2014, with money to spend following the £142million sale of Philippe Coutinho to the Catalan club.
City's hierarchy believe that a deal in the region of £30m could be struck, although reports suggest the two clubs are still afar off in the player's valuation.
City are also considering buying a centre-back in the transfer window, with West Bromwich Albion's Jonny Evans remaining a leading option, although ironically they could face competition from Arsenal for the Northern Ireland global.More news: Amazon Alexa to launch on Windows 10 PCs this year
Will Alexis Sanchez ever play for Arsenal again?
The signing has strengthened talk of Jonny Evans, Samuel Umtiti or Inigo Martinez singing as City go in search of another defender.
Cárdenas says the main sticking point is a fee, with City offering £20million for a player out of contract in June and Arsenal requesting £35million.
The Gunners forward has been linked with a potential January move over the past few months given his contract situation at Arsenal.More news: Brad Pitt Bid $120000 to Watch 'Game of Thrones' With Emilia Clarke
Sanchez has made it clear that he wants to join up with Guardiola at City and ESPN FC has been told that Arsenal have chose to accept a transfer fee now rather than let him leave for free at the end of his contract.
Former Liverpool FC and Manchester City striker Bellamy believes Sanchez is in desperate need of a fresh start to reboot his career.More news: Mohamed Salah on the lips of every Liverpool fan