City have rejected Corinthians’ initial bid of £35million for the striker with the Premier League side looking for around £50million for the striker.
The transfer window in Brazil is set to close on July 20th.
“I was in Argentina for a Brazil match [at the Copa America], I spoke with Tevez and his representative on the phone,” Sanchez told Lancenet.
“Corinthians have made an offer of approximately €40million [£35 million] to sign him permanently. This sum means we will be spending 20 to 25 per cent of our TV rights earnings if City accept it.
“I have made an offer which I think City cannot refuse, and we will not raise it further. If they ask for [£50 million], they will keep him.
“If we haven’t closed the deal by Sunday it won’t happen this year.”
“An offer arrived and I would have no problem returning,” said Tevez.
“They got in contact with me, sent an offer to the club and in eight to ten days the transfer market in Brazil closes.”
