Alexis Sanchez has been doubtful of his future with Arsenal, while Manchester City and Bayern Munich have shown interest in signing him.
However, Bayern Munich boss Karl-Heinz Rummenigge confirmed that they have dropped their interest in signing the 28-year-old Sanchez.
According to AFP, this decision took place after head coach Carlo Ancelotti had his wish granted to sign Colombia's James Rodriguez on loan from Real Madrid.
Sanchez expressed his dream to win the UEFA Champions League which Arsenal cannot partake in next season after finishing fifth in the Premier League.
German defender, Per Mertesacker says that Sanchez needs to be given time to make his decision.
"He needs a break now," Mertesacker said. "He needs to relax. He has done a lot for us. He played almost every game last season and then the Confederations Cup.
"You need to leave him alone to make up his mind what he wants to do. It's his decision. If he feels good, comfortable, he can play with freedom."
Despite the questions surrounding Sanchez’s future at Arsenal, Arsene Wenger remains confident that the Chilean forward will remain at the club. “There is not a lot to resolve at the moment with the player," said Wenger.
"I have spoken through text and it was very positive. My thoughts are always positive."