Lozano has been taking the Eredivisie by storm since his arrival from Mexican club Pachuca last year. The striker is currently topping the goal-scoring charts in the Netherlands, scoring his ninth goal in eight matches against Vitesse on Sunday.
Arsene Wenger already hinted earlier that he would be open to any offers coming in for Sanchez in January as he risks losing the Chilean for free in the summer.
According to reports in the Mirror, Manchester City have decided not to bid for Sanchez and will attempt to snatch the South American away from the Emirates on a free as a form of revenge for the Gunners refusing their £60 million bid in the summer.
Lozano is a quick and technical player who has the ability to break defences from the left to create and score goals.
He received his first professional debut at home club Pachuca back in 2014, scoring his first goal within three minutes of entering the game. The youngster’s performances earned him the Young Player of the Year and the Golden Boot in the following two years before his move to PSV.
Lozano’s contract with the Dutch outfit stretches to 2023 and holds a release clause of about £30 million.