Speaking ahead of Arsenal's Premier League clash against Watford on Saturday, he said: "In our situation, we have envisaged every solution".
Wenger did brush off suggestions that Sanchez's mental fatigue would be a drawn out issue, and insists the attacker will be fully focused on Arsenal's success.
"I always said that the fact we didn't sign an agreement doesn't mean that the player will leave". "Overall I hope that the situation can be turned around".
Ozil is now again fit and, while Wenger agreed that contract talks with the German were again progressing positively, he says that all options remain open. Losing Sanchez and Ozil will be a massive blow for Wenger and the north London club, especially as they look to qualify for the Champions League next season.
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The full-back was a member of the Brazilian squad who ran out 3-0 victors over Sanchez's Chile in the World Cup qualifiers on Wednesday, a result which ensured the Chileans were unable to qualify for the tournament in Russian Federation next summer.
"It was very physical and mentally I will have to assess the situation".
Alves added: "I don't want to speak much [about Sanchez] because I know how tough it is and also because I don't want for people to interpret things in a way that would have put my professionalism in doubt".
"It is my understanding [that he wants to stay]", said Wenger of the Germany worldwide.
"It's a possibility. He's courted by many teams", Alves said.