Steven Gerrard: Alexis Sanchez should sign new contract with Arsenal

Alexis Sanchez is certainly a contender for the Premier League player of the season. His brace against Hull City over the weekend has taken his goal tally to 17 in the Premier League making him the top scorer.

Also read: Manchester United's Juan Mata talks about his Watford goal celebration, a crucial February and Copa Del Rey final

Despite Sanchez being in excellent form this season, it won't make much of a difference if Arsenal cannot get him to sign a new contract at the club in the summer. It has been rumoured that Sanchez's representatives and Arsenal officials are already in talks but haven't reached a consensus on his wages.

The Arsenal forward is said to be demanding a package of around £250,000-a-week, but Arsenal are only willing to offer him £180,000 a week. With a number of clubs in Europe willing to match his wage demand, he might just consider his options at the end of the season.

Alexis Sanchez's contract with Arsenal expires in 2018. If Arsenal cannot ink a new contract with the Chilean star, they will be forced to sell him in the summer so that they don't lose him on a free transfer in summer.

AC Milan are the latest club to be linked with a move for the former Barcelona man. The italian club is willing to pay a transfer fee of £45 million and match his wage demand of £250,000-a-week. But Arsene Wenger said Arsenal and Alexis Sanchez will come to an agreement eventually.

Meanwhile, Liverpool legend Steven Gerrard believes Sanchez is worth the money and Arsene Wenger will struggle to replace him, if he chooses to leave the club.

"I would sign a contract. He's in good form, he seems happy. He seems like he's playing well. If you're Arsenal, you give him what he wants – he's a world-class footballer. He's that type of player that can be the difference in the big games and those players are very hard to sign."