If Arsenal make a third offer that is considerably improved, then perhaps things could change, but the situation looks very bleak for the London club at the time of writing.
Multiple agents who have spoken to GFFN this week both on and off the record are unanimous in stating that it is impossible to understand what Monaco's strategy in terms of selling players will turn out to be during this window, despite the fact that we are already nearly 7 weeks into it.
Kylian Mbappe failed to score for the second match in as many days as Monaco drew 0-0 with PSV in Switzerland on Monday (AEST).
Local media reported that Arsenal had made a bid of 123 million pounds for Mbappe, but Wenger denied that after his side beat Western Sydney with goals from Olivier Giroud, Aaron Ramsey and Mohamed Elneny in front of 84,000 at the Olympic Stadium on Saturday.
The champions have already lost Bernardo Silva to Manchester City and Tiemoue Bakayoko to Chelsea, while Benjamin Mendy and Kylian Mbappe have also been strongly linked with exits.
Sanchez then suggested later that he was no closer to signing a new contract with Arsenal when he said at a charity game in his home town of Tocopilla that he wanted to play in the Champions League.
"[Offer for Mbappe?] That's not true as well". "People have a big imagination". I have made my decision, but now we wait for a response from Arsenal.
"Maybe he had too much choice, so in the end people don't move". I think he will stay, it looks like that.
PSV threatened again when Luuk de Jong had an effort saved by substitute keeper Diego Benaglio, while Monaco hit the crossbar late on when Guido Carrillo, another sub, stretched to reach Allan Saint-Maximin's cross.
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