The 30-year-old forward made the call to depart Emirates Stadium during the 2017-18 campaign, as his contract in north London ran down.
Arsenal avoided seeing him drop into the free agent pool, with a trade deal put in place with Premier League rivals which saw them take Henrikh Mkhitaryan as Sanchez headed in the opposite direction.
Neither club has found much value in that agreement, with two proven performers struggling to produce their best amid lofty expectations.
Sanchez has flopped badly at United, with just five goals recorded in 37 appearances, and questions continue to be asked of the contribution being made by a man on a lucrative contract.
Overmars, who spent three years at Arsenal between 1997 and 2000, believes the South American may be regretting his move to Manchester, telling ADN Deportes: “I have great respect for Alexis because he did extremely well in Arsenal, I do not know if it was a good decision to leave.
“English football changes you, it turns you around, it took me a step forward. Arsene Wenger arrived a year before me, Dennis Bergkamp made a big impression in England, it was a fantastic time, I think we changed the history of the club a bit.”
While Sanchez enjoyed considerable success at Arsenal, finding the target 80 times in 166 outings, it has been a different story with United.
Speculation has already suggested that he may be moved on by the Red Devils on the back of a failed experiment.
It could be that he looks to retrace his steps, with Overmars of the opinion that a shock return to familiar surroundings could be made.
The Dutchman added: “This type of player was very important for Arsenal because that’s where they take you.
“After Alexis, Arsenal tried to sign another player like that but he was not given, so he could go back to Arsenal.”
Sanchez penned a four-and-a-half-year contract upon his arrival at Old Trafford, with that deal intended to run through to the summer of 2022.