The 22-year-old Chilean international has seen his stock rise phenomenally over the course of the season after a 12-goal haul helped the Italian side finish fourth.
His form has seen Europe’s biggest sides casting their eyes over Sanchez, with Manchester City, Manchester United and Barcelona all linked with a move for the player.
Reports over the weekend suggested a deal including £24.6 million up front, £9.6 million in bonuses and youth product Jonathan Soriano had been agreed with Barcelona.
However, Udinese president Giampaolo Pozzo claims any deal is far from completion as Barca’s offer falls short of the club’s asking price.
“Sanchez is still an Udinese player. I'm sorry about this 'saga'. We wanted to keep him for another year to help us with the Champions League qualifiers,” Pozzo told Sky Sport 24 Italia.
“But unfortunately we're not a big club in Europe, so when top clubs put their eyes on our player you cannot do anything. But the right offer has not yet arrived.
“Barcelona's offer is not yet the right price, and everyone knows it: both Barcelona and other big clubs. Between us and Barcelona we are still far away.”
Sanchez is currently on international duty with Chile as the South American nation gear up for the Copa America which begins on July 1.
Chile boss Claudio Borghi revealed he would allow Sanchez to travel to Barcelona to finalise a potential switch as they don’t want to be liable in the event of injury.
“It's a very complicated matter. If we don't allow him to travel, and the sale goes through, we would be accountable for $45 million in the event of anything happening to him,” Borghi told Chilevision.
“It's very simple. As soon as the confirmation of his transfer comes through, he will have the authorisation [to travel].
“If [the transfer] happens in the middle of the Copa America, obviously not, but we have time and we know we cannot be responsible for that amount of money, so the ideal situation would be for him to travel and sign when the deal is confirmed.”
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