Sanchez has been in fine form for Arsenal this season, and has so far scored 13 goals for Arsene Wenger's side in all competitions.
But the Chile international's future has been in doubt as he is still in negotiations with the Gunners over a new contract.
Reports earlier today claim Sanchez has been inundated with offers from the leicester city drakter med trykk
Chinese Super League, with clubs willing to pay him £400,000-a-week.
But Wilkins thinks Sanchez should reject the money and stay at Arsenal.
"He's probably earning enough now for his life," Wilkins told Sky Sports.
"He's not going to be able to spend the money he has already earn't you would have thought.
"He's been at Barcelona, he's been at Arsenal for the last three years, therefore he has been well paid in that period.
"There is no question about it, he is an outstanding footballer.
"We at Chelsea lost Ramires to China when he was 28-years-old, the money was so important for him.
"You have to remember these South American guys, where they leicester city drakter med trykk
come from, they come from a very impoverished background, and they think they have got to accumulate as much as they possibly can by the time their career is over.
"I thought Ramires leaving Chelsea was a massive mistake.
"And I think for him to go there would be a huge mistake, he can earn enough at Arsenal."
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