Arsenal great Bob Wilson accepts the Premier League club may lose Alexis Sanchez or Mesut Ozil, but he would keep the Chilean if he had to choose between the pair.
Sanchez and Ozil are both out of contract at the end of next season and have been linked with moves away.
Manager Arsene Wenger's future is also uncertain, and Arsenal are fighting to finish in the top four.
Wilson, a former goalkeeper who made more than 200 appearances for the club and won the double in 1970-71, said he had realised it was unlikely both would stay.
"I hope that they do keep hold of both of them. I don't hold out a lot of hope for keeping hold of both of them," he told Omnisport.
"A lot will depend on that top-four position, because I think there are six going for four this season.
"Although Arsenal have been there for 19 years - it's been an extraordinary achievement by Arsene Wenger to do that - there is a danger we miss out, and that will reflect on two players who are renewing contracts, hopefully.
"So a lot will depend on the 13 games or so that are left in this particular season.
"Of all the players I would like to stay, it's Alexis Sanchez. Mesut Ozil is an extraordinary footballer, but if it comes to a choice between them, for whatever reason, I would have to put Sanchez just ahead of Ozil."
Arsenal are fourth in the league on the back of a stunning season by Sanchez, who has 17 goals and eight assists in 25 games.
Ozil has contributed five goals and four assists in 22 league appearances.