Sanchez again showed his class with two goals in the 3-1 win over Bournemouth on Sunday, while reports over the weekend also linked him with a big-money move to China.
The likes of Manchester City and Bayern Munich are also in the hunt and the Gunners fans are anxious.
While Hector Bellerin and third-choice goalkeeper Emiliano Martinez penned fresh contracts at the Emirates Stadium in the last week, it is new deals for key duo Sanchez and Mesut Ozil which Arsenal fans are waiting on.
Wenger said he knows that tying Sanchez down for longer is key, even if performances like the one against the Cherries, mean he could demand a bigger pay-packet.
Asked about contract discussions with the Chile forward, the Arsenal boss replied: “It is important. How important it is, I don’t know. We will not sort it tonight.
“We have some time in front of us. You (the media) like us to spend money, so you should be happy!”
Preston remain right in the thick of a battle for a play-off place in the Championship after recording a 2-0 win that has pushed Sunderland closer to the drop.
Steven Naismith pulled the strings as goal-shy Hearts burst into form with a 3-0 win over Partick Thistle.
Newport County held promotion-chasing Luton Town to a 1-1 draw on a bitterly cold afternoon at Rodney Parade.
Kris Boyd's second-half goal gave Kilmarnock a 1-0 victory over his former club Rangers at Ibrox.
Chelsea boss Antonio Conte has again blasted the board for failing to support him with his targets following their UEFA Champions League elimination.