That is the opinion of legendary Arsenal striker and BBC Sport pundit Ian Wright.
Ozil was out of contract at the end of the season until he signed a new three-and-a-half-year deal earlier this month.
The German has become Arsenal’s highest ever paid player, earning a reported £350,000-a-week in wages.
Sanchez, like Ozil, was also out of contract at Arsenal in the summer until he moved to Manchester United in a straight swap with Henrikh Mkhitaryan in January.
Wright says Mesut Ozil did not have as many clubs chasing him as Sanchez and reckons seeing the Chilean leave forced Arsenal to offer Ozil the wages he wanted.
“At the end of the day I was very surprised that he signed,” Wright said on BBC Radio 5 Live.
“On a free I think he would be worth it in a team like that (Man City).
“The fact is there wasn’t enough takers, maybe he realised that after the fact that Sanchez has gone.
“So then what happens is Arsenal couldn’t afford to lose both of them.
“So he finds himself in a position where he signs this massive contract.”