The 27-year-old has been expected to leave Tottenham this summer as he is down the pecking order, but his asking price has been an issue.
A host of European outfits are keen on signing him, with PSV and Rennes particularly keen on him.
Rennes submitted a €9m bid to Tottenham, but Spurs rejected the offer as it failed to meet their expectations.
Tottenham have slapped a €15m price tag on him and Rennes have pulled out of the race as they feel the asking price is high.
Dutch outfit PSV have retained their interest in Sanchez and they are now pushing to sign him, according to Dutch magazine Voetbal International.
PSV are in the Champions League this season and they want to introduce depth and quality in their backline.
Now it remains to be seen, with less than six hours left in the window, whether Sanchez will be able to seal an exit.
