The Sun reported that the 22-year-old will be brought in by Arsene Wenger as part of a deal which will see Sanchez move to the Etihad.
Arsenal prefer Lyon's Nabil Fakir now, and feel that he offers better value for money.
Mokbel referred to the £90 million Lemar deal Arsenal nearly got over the line on deadline day, when Alexis Sanchez missed out on his own move to City, but the Gunners believe their target will now be a lot more expensive.
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The news will be somewhat of a surprise to Arsenal fans and is a marked departure from Wenger who has previously honored the full length of contracts that he has signed with the Premier League side. But I believe the real experience to manage a team is on a daily basis.
The 2022 World Cup in Qatar looms as an option for Wenger, an option he refuses to rule out.
"Maybe yes, I will do it at some stage but until now I like to be involved every day in the life of a club, you know because the real test is there".
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Sexy!'" he said . "I've been ugly my whole life, if I can be sexy for a year, I'm taking it. People magazine has chosen Blake Shelton as their 2017 Sexiest Man Alive .
Arsenal did finish second in the league in 2016, but only thanks to a late implosion from rival club Tottenham Hotspur-Wenger's team was too slow for Claudio Ranieri's champion Leicester City.
However, City remain interested and can expect to pay substantially less for Sanchez given his contract runs out at the end of the season.
The Frenchman added: "Yes of course [I'd be tempted] because my life is linked with football and, depending on my physical state, I will [always] be in football".
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"As a director, manager, I will be a manager as long as possible, but i will stay involved".