Alexis Sanchez’s Arsenal future remains in doubt (Picture: Getty)

Arsenal legend Alan Smith believes his old club should cash in on Alexis Sanchez while they can instead of risking him walking away on a free transfer next summer.

The Chile international has been linked with the likes of Manchester City and Paris Saint-Germain in recent months as Arsenal have been unable to persuade him to sign a new contract.

Sanchez’s current deal expires at the end of next season, but Arsenal manager Arsene Wenger has insisted all summer that the 28-year-old will not be sold.

Some reports have stated Arsenal could pocket around £50million for Sanchez if they were to sell him now, though it is claimed they want to hold out for closer to £80m.

Sanchez is stalling over signing a new Arsenal contract (Picture: Getty)

https://www.instagram.com/p/BXEmsmhlNNx/?taken-by=alexis_officia1&hl=en

Smith believes the north Londoners are playing a risky game here, and has advised them to cash in on their star player now.

‘What the owners would think about keeping a player you could get £60m for, and then letting him go for nothing in 12 months time, I don’t know,’ Smith told talkSPORT.

‘Its a no-brainer, you’ve go to let him go, get the money and move on.’

Alan Smith scored 115 goals in 347 games for Arsenal (Picture: Getty)

Smith added that it’s important to get rid of unhappy players as they can unsettle the rest of the dressing room.

Arsenal's pre-season fixtures

Arsenal 2-0 Sydney FC
Arsenal 3-1 Western Sydney Wanderers
Arsenal 1-1 Bayern Munich
Arsenal 0-3 Chelsea
Arsenal 5-2 Benfica
Arsenal 1-2  Sevilla
Aug 6 – Chelsea (Wembley – Community Shield)

‘Arsene Wenger says he is determined not to sell him, but he seems determined to leave,’ the former Gunners striker said.

‘If you’ve got an unhappy player, a bit like (Philippe) Coutinho at Liverpool, that’s not a great situation to have in the dressing room.’

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