Sanchez has impressed during his first season at the Emirates Stadium, scoring 22 goals for Wenger's men.
But it is Chelsea playmaker Hazard who is the favourite to receive the prize after spearheading their Premier League title campaign.
The two will face off on Sunday, as Arsenal host Chelsea looking to cut their lead at the top of the table to seven points.
"Alexis had a big impact and let's not forget that for Hazard it is not the first season, but for Alexis it is," Wenger said.
"He will give him a fight and if Alexis doesn't make it this year, he will give him a fight as well for next season.
"I think everybody would agree that Hazard has had a great season and one of the aspects of Sunday's game will be to keep him quiet.
"He has found maturity that he did not have before. I believe his final ball is better, his personality on the pitch is stronger, the finishing aspect of his game is much better than before.
"He can turn games when it's 0-0 and when it's tight. That's always a sign of top quality."
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