Sanchez and Ozil are both out of contract at the end of next season and have been linked with moves away.
Carrick: I’ll stay at Man Utd or retire
Manager Arsene Wenger’s future is also uncertain, and Arsenal are fighting to finish in the top four.
Wilson, a former goalkeeper who made more than 200 appearances for the club and won the double in 1970-71, said he had realised it was unlikely both would stay.
“I hope that they do keep hold of both of them. I don’t hold out a lot of hope for keeping hold of both of them,” he told Omnisport.
“A lot will depend on that top-four position, because I think there are six going for four this season.
“Although Arsenal have been there for 19 years - it’s been an extraordinary achievement by Arsene Wenger to do that - there is a danger we miss out, and that will reflect on two players who are renewing contracts, hopefully.
“So a lot will depend on the 13 games or so that are left in this particular season.
“Of all the players I would like to stay, it’s Alexis Sanchez. Mesut Ozil is an extraordinary footballer, but if it comes to a choice between them, for whatever reason, I would have to put Sanchez just ahead of Ozil.”
Arsenal are fourth in the league on the back of a stunning season by Sanchez, who has 17 goals and eight assists in 25 games.
Ozil has contributed five goals and four assists in 22 league appearances.
