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Sanchez has been embroiled in a contract negotiations with Arsenal for several months and his future is far from clear.
Starsport understand that the Gunners are growly increasingly concerned that they could lose their superstar at the end of the season.
Sanchez would have no shortage of potential suitors should he decide to call time on his Arsenal stay and Balague believes PSG could be a possible destination for him.
He told Sky Sports: “I can imagine Paris St-Germain looking for that kind of player.
“This would be for the summer window but he is on the list of players PSG are interested in.
“I haven’t heard that negotiations have started, though.”
Sanchez has been superb for Arsenal this season, scoring 15 goals and providing eight assists in the Premier League.
Arsenal, who are currently second in the table, will hope their Chilean ace is on top form again when they face Southampton this weekend.
The Gunners need to win at the Liberty Stadium to keep pace with league leaders Chelsea and the rest of their top four rivals.