The Chilean striker left the Zebrette in 2011 to join Spanish giants Barcelona in a €26 million transfer plus €11 more in bonuses.
Despite an impressive debut season, Sanchez has struggled this season as he has found himself on the bench more often than not, while managing only 2 goals in 19 La Liga appearances.
Gazzetta dello Sport are reporting that the Nerazzurri have already agreed to personal terms with the 24-year-old, and will now look to hold talks with the Blaugrana over a summer transfer.
The report also suggest that the Nerazzurri will also hold talks over Alex Song and Martin Montoya, while reigniting interest in Tottenham’s Aaron Lennon as Massimo Moratti looks to revamp the roster for next season.
Follow Adriano Boin on Twitter: @Boin44