The Gunners currently find themselves the subject of mass transfer speculation, with Sanchez expected to be involved in a swap deal involving United star Henrikh Mkhitaryan, while Pierre Emerick-Aubameyang remains another primary target for Arsene Wenger.
Wenger's side were knocked out of the FA Cup a fortnight ago and lost their last Premier League match to Bournemouth, with another serious dent put in their hopes of securing a Champions League qualification spot.
However, they will be confident of securing all three points against Palace due to their imperious home form - having scored in each of their last 25 home games in the league.
After serving his three-match touchline ban, Wenger will be back in the dugout for the clash at Emirates Stadium.
Mesut Ozil could be back in contention for the match against Palace, but Olivier Giroud is still a week from returning amid reports that he could be used as a makeweight in the potential deal for Borussia Dortmund striker Pierre-Emerick Aubameyang.
Wenger has doubts over Ainsley Maitland-Niles, who is suffering with flu, while Laurent Koscielny and Nacho Monreal return to the squad following their short-term injury lay-offs.
"From the last game at Bournemouth, we have some uncertainties with Maitland-Niles, who was sick yesterday with flu," said Wenger. "We should have Koscielny back, we should have Monreal back available for Saturday. Maybe Ozil will be back as well. That’s the good news."
Spanish midfielder Santi Cazorla remains a long-term absentee with an Achilles injury.
Arsenal have no players suspended for this game.
ARSENAL POTENTIAL STARTING LINE-UP
Wenger is boosted by the news that Koscielny and Monreal will be returning to a vulnerable defensive unit which has conceded eight goals in its last four games.
The Frenchman faces a tough decision on who to play in central midfield, though, with the impressive Jack Wilshere fit to start and Aaron Ramsey also available to partner Granit Xhaka.
Alexis Sanchez is unlikely to be involved due to his imminent transfer to Manchester United while if Ozil is declared fit, then Wenger could start with Alexandre Lacazette, Danny Welbeck and the Germany international in attack.
CRYSTAL PALACE TEAM NEWS
Palace are positioned 12th in the Premier League and have improved their relegation-threatened form under manager Roy Hodgson - who took over from Frank de Boer in September.
The Eagles performed well in the reverse fixture at Selhurst Park last month, but could not do enough to prevent a narrow 3-2 defeat.
Hodgson is without long-term injured defenders Mamadou Sakho and Scott Dann and looks likely to go with a front three of Christian Benteke, Wilfried Zaha and Bakary Sako.
Sako is the club's top scorer with six goals to his name so far this season.
BEST OPTA MATCH FACTS
Arsenal have lost just one of their last 16 matches against Palace in all competitions (W11 D4), a 3-0 defeat in the Premier League last April.
The Eagles haven’t won away from home at Arsenal in any competition since October 1994, winning 2-1 at Highbury with a brace from John Salako.
Arsenal have never failed to score in 17 home league games against Crystal Palace, netting 39 goals in total (2.3 per game).
Indeed, the Gunners have scored in each of their last 25 home Premier League games, their longest run since scoring in 29 in a row between April 2007 and November 2008.
Hector Bellerin has scored in back-to-back Premier League games for the first time in his career. The Spaniard has scored or assisted a goal in three of his last five games in the competition, having failed to register a single goal involvement in his first 18 games this season.
After a run of 12 consecutive home Premier League wins, the Gunners have won just one of their last four at the Emirates (D2 L1).
Roy Hodgson has never won an away Premier League London derby (P10 W0 D3 L7), losing each of his last four, with one of those defeats a 4-0 loss at the Emirates in May 2010 as Fulham boss.
TV COVERAGE & KICK-OFF TIME
The match kicks off at 15:00 GMT on Saturday, with no live coverage available in the UK due to blackout restrictions.