The Gunners, who maintain they have yet to receive an approach for their forward, have been linked with Bordeaux's Brazilian Malcom as a possible replacement but Wenger is still hoping they can persuade the Chiliean to stay with them until the summer at least.
Reports claim Manchester City are getting cold feet over the cost of the deal, which is believed - including transfer, wages and agent fees - to be in the region of £35million and City, who are hopeful an agreement can be struck for around £20million, are prepared to walk away from the deal if it does not come down.
Meanwhile Jose Mourinho at Manchester United has suggested they would like to buy Sanchez if they could persuade him to go to them instead of City.
Wenger wants the matter sorting out as quick as he can, he said: "Of course I want a quick resolution.
"Is he (Sanchez) replaceable in the way that we find exactly the same player? Certainly not, but there's always a way to find a different balance.
"Alexis is an exceptional football player, he's a world-class player and if that happens (he leaves) we have to find a different balance in the team."