Arsenal's Alexis Sanchez on the verge of joining Jose Mourinho's Manchester United

London: Arsenal's Alexis Sanchez has agreed personal terms on a contract that will make him Manchester United's highest-paid player on yearly wages of 14 million ($19 million) after tax, according to reports on Wednesday.

Sanchez is reportedly on the verge of joining United after Jose Mourinho's side made a blockbuster offer that eclipsed the interest from Premier League leaders Manchester City.

United manager Mourinho admitted on Monday that his side "have a chance" to sign the Chile forward in the January transfer window, with City understood to have now exited the race for the 29-year-old due to the cost involved.

According to the Daily Telegraph, United have offered Sanchez a four-and-a-half-year contract which would make him the top-earning player at the club.

With the Telegraph reporting a 30 million transfer fee, 20 million signing-on fee and a 10 million agent's fee likely to be involved, it means United could face an overall outlay of over 150 million should they secure a deal for the former Barcelona player.

United have been approached for comment but have yet to respond. United's bid to bring Sanchez to Old Trafford depends on Henrikh Mkhitaryan moving in the opposite direction, according to the Armenian's agent Mino Raiola.

Mourinho left the 28-year-old midfielder out of his squad to face Stoke on Monday due to "doubts about his future".