Sanchez suffered an ankle injury during the Copa America and has been receiving treatment on the injury during his summer break.
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The Gunners are still monitoring his recovery, but fear he could miss the Premier League kick-off on August 14.
The Arsenal manager appeared unconvinced by his efforts last season, but will certainly choose him ahead of the likes of Yaya Sanogo or Chuba Akpom.
The Daily Mail report that the Gunners are concerned that their talismanic attacking force will miss at least the first game of the season – which would leave Arsene Wenger facing the prospect of dipping into his reserve and youth sides for attacking reinforcements.
That means that Giroud and Koscielny will return on Monday 1 August, the same day as Aaron Ramsey and Mesut Özil, whose Wales and Germany teams reached the semi-finals in France.
With Danny Welbeck sidelined with a long-term injury, Theo Walcott now looks like the man to lead the lines at the Emirates as Arsenal look to claim their first Premier League title in over a dozen years, with a rag-tag group of supporting players behind him.
Arsenal are in the market for a striker, but are not interested in any sort of deal that would include Giroud leaving the club.
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Sporting director Klaus Allofs confessed they they will discuss the issue and may be forced to cash in as they are not in the lucrative Champions League next season and primary sponsors Volkswagen may need to cut costs.
