The Daily Mail report that Spurs are ready to prioritise other targets, as Bordeaux are requesting sums of £45million plus to sign the Brazillian winger.
The Gunners finished in fifth place in the Premier League table last term to miss out on a place in the Champions League for the first time under Arsene Wenger.
But Wenger insisted he was unsure where Sanchez would end the month. That could well change if and when Sanchez departs for.
Wenger spoke to the media prior to Sunday's Premier League clash against Bournemouth and appeared resigned to the possibility of his star leaving this month: "Nothing is really concrete at the moment and nothing is decided one way or another".
Is Malcom set to leave Bordeaux to move to the Premier League this January?
Une centaine de migrants disparus au large de la Libye
La Garde cotière italienne a mené une autre opération de recherche dans la nuit de samedi à dimanche, mais n'a pas trouvé d'autres corps.
But he will have to make up his mind by January 28, or his club will veto a move expected to be worth around £35 million.
Gunners boss Arsene Wenger wants a replacement before he allows Alexis to leave, and he is hopeful Martial can be that player.
Tottenham have ended their pursuit of the 20-year-old sensation Malcom, allowing Arsenal to home in, according to a report.
"I don't rule it out - at the back, in midfield or upfront", Wenger was quited as saying by FourFourTwo, .
The Frenchman apparently has no interest in moving to England and wants to remain with the Liga giants, despite frequent links with Tottenham striker Harry Kane.
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