"I want to play in the Champions (League)," Sanchez told reporters in his native Chile at a charity match in his home town of Tocopilla.
"But the decision isn't up to me," he added. "I need to wait on Arsenal."
Sanchez has a year left on his Arsenal contract but his future has been up in the air since the London club failed to qualify for the Champions League for the first time in 20 years.
The former Barcelona forward has been linked with moves to Paris St Germain and Bayern Munich, among other clubs, and his comments will only increase speculation he is set to leave London.
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(Reporting by Andrew Downie, editing by Ed Osmond)
