Sanchez and Arteta shared a dressing room at the Emirates as players until the former's transfer to Manchester United in 2018, which saw Henrikh Mkhitaryan move in the opposite direction.
However, Sanchez failed to replicate his previous goalscoring form at Old Trafford and also struggled to make his mark during a brief spell with Inter Milan, despite winning a Serie A crown.
The 34-year-old subsequently made the move to Marseille for the 2022-23 season, and he found his feet under Igor Tudor with 18 goals from 44 appearances in all competitions.
Sanchez found the back of the net 14 times in Ligue 1 to help Les Olympiens qualify for the Champions League with a third-placed finish, but his future is currently in limbo.
The Chile international is due to become a free agent at the end of the season, but he can trigger a one-year extension in his Marseille contract until the summer of 2024.
Before agreeing to stay on at the Orange Velodrome, Sanchez is apparently weighing up his options, and an audacious return to Arsenal has been considered.
According to La Tercera, Sanchez recently contacted former teammate Arteta to gauge his interest in a reunion, but the Gunners boss quickly shot down the idea.
With Sanchez turning 35 in December, Arteta supposedly made him aware that there would be no place for him in the squad as he focuses on recruiting and retaining young talent.
Despite Arsenal's refusal, Sanchez is still blessed with several options for a summer move, with Paris Saint-Germain and Juventus both thought to be interested in a deal.
Clubs in Saudi Arabia could also try to prise him away from Europe, but Sanchez is said to be keen to continue in the Champions League for a little while longer.
During a successful three-and-a-half-year spell at Arsenal, Sanchez scored 80 goals and set up 45 more in 166 games, earning a spot in the 2014-15 PFA Team of the Year.
The ex-Barcelona man scored 24 goals in his final full Premier League season at the Emirates, but he only netted five times in 45 appearances during his underwhelming time at Man United.
A new attacker is not understood to be Arsenal's main priority this summer, with Gabriel Martinelli and Bukayo Saka both agreeing new contracts, and Reiss Nelson is expected to soon follow suit.
Emile Smith Rowe has also ruled out the possibility of an imminent exit, although Folarin Balogun and Nicolas Pepe are both tipped to depart ahead of the 2023-24 season.