European champions Barcelona, Manchester duo City and United, Inter Milan and Juventus have all made their moves.
City had been leading the charge for the brilliant young Chilean and their bid is reported to be the best in terms of finances for Udinese - but the player will have the final decision.
United have entered the bidding at the final stages, with Sir Alex Ferguson seemingly unwilling not to try and land a player he has admired for the best part of a decade.
Juventus are keen to make a marquee signing ahead of the opening of their new stadium - but reports on the continent suggest it is Barca and Inter who are now leading the chase.
Udinese's transfer consultant Stefano Antonelli, who helps oversee all their major deals, confirmed to Sky Italia that they were now looking at their options.
"There are five clubs who are doing everything to get hold of him: Barcelona, Manchester City, United and two Italian clubs," Antonelli revealed.
"The offers have all come from these clubs. We don't want to create a bidding war, but he is the big name on the transfer market at the moment and everyone wants him.
"Over the next few days we should learn where Sanchez will go. We wanted to keep hold of the player, but when there is an important offer, it should be evaluated fully."
Antonelli admitted he did not know where Sanchez would go, but he feels Barcelona would be the logical favourites.
"All the clubs we talked about have a chance of signing him, but right now my feeling is that he's more likely to go abroad," he said.
"Barcelona's very powerful push on to the scene has changed the scenario somewhat."
Source: Team Talk
Source: Team Talk