The pair have a host of suitors prepared to resurrect their interest when the transfer window opens in January, and if their respective situations are not resolved before then, Arsenal could see them leave on a free in the summer.
While admitting it will not be easy, Robert Pires has said the Gunners have to tie the pair down to new deals.
"If I’m the owner of Arsenal then of course I want to extend both of their contracts because they’re important on and off the pitch. The situation is not easy for Arsenal," said Pires.
"These are my friends. I love Alexis and Mesut," the Frenchman added. "This is a similar situation to Olivier [Giroud]."
"It’s very difficult to answer [whether they will stay or not] because I’m not Mesut or Alexis Sanchez and I don’t know what they want at the end of the season."