Arsenal forward Sanchez has long been on PSG's radar but the Parisian giants were unable to get anything over the line during the summer transfer window.
However, with Sanchez approaching the end of his deal at the Emirates this summer, PSG could be tempted to go back in for the 28-year-old.
Alves is a big admirer of the Chile international and feels he would be a strong addition to the squad at the Parc des Princes.
"It's a possibility. He's courted by many teams," he said.
"It would be nice if he joined us. I will always appreciate him and I will always wish him the best wherever he goes."