Sanchez, who is out of contract at the Emirates Stadium next summer, was strongly linked with a deadline-day move to Manchester City.
It is understood that the Citizens were prepared to pay an initial £55m to sign the Chilean, but Arsenal were unable to bring in AS Monaco’s Thomas Lemar, which scuppered the deal.
Despite reports claiming that the former Barcelona attacker was left unhappy at the failure to secure a departure and even suggestions that he may go on strike, he has been named in the 39-man squad.
He is included alongside a number of youngsters including Joseph Willock and Krystian Bielik, while Jack Wilshere and Mathieu Debuchy, two more players who were heavily linked with moves away from North London before the transfer deadline, are in there too.
If Manchester City end up signing Sanchez in January, he would be eligible to play for the club in the Champions League – if they remain in the competition – as squads can be updated again before the start of February.