It's a transfer saga which seems to be taking a new turn every day.
"It's a possibility but there are several teams that want him", he told Chilean radio station ADN.
When asked if he had spoken with former Barcelona teammate Sanchez, Alves added: "I didn't want to speak much because I know how tough it is and also because I didn't want for people to interpret things in a way that would have put my professionalism in doubt".
The Chile global is out of contract next summer, with no sign he will extend his current deal with Arsenal.
Sanchez will be allowed to talk to clubs in January, with PSG being one of the most likely clubs that will pursue his signature.
Speaking ahead of Arsenal's visit to Watford on Saturday evening, Wenger said: 'I'll have to speak to him as I am concerned. Arsenal are now six points off the Premier League leaders after signing just two players this summer - striker Alexandre Lacazette and left-back Sead Kolasinac.
The wealthy Ligue 1 side have already brought in Kylian Mbappe and Neymar in the past few months and Sanchez would complete a deadly attacking trio.