The All Black superstar - who forfeited the right to play for New Zealand when he agreed to join Sale - will see his current 18-month contract run out next May.
His father, Charlie, who also acts as his son's agent, has been in England for the past few weeks mulling over McAlister's future options and last week jetted over to France to hold talks with wealthy Toulon among others.
McAlister's sought-after services didn't come cheap, with the annual wages on his current deal believed to run at more than £200,000.
But while English rugby finances have been attractive for the Southern Hemisphere's finest up to now, the fortunes on offer across the English Channel are suddenly proving a huge temptation with McAlister's former Kiwi team-mate Dan Carter having just embarked on a lucrative six-month sabbatical at Perpignan.
Pivotal
Though Sale head coach Kingsley Jones, who played a pivotal role in persuading McAlister to move to the Northern Hemisphere, remains hugely optimistic about persuading the 25-year-old to stay, he admitted the financial muscle of the French Super 14 League could yet scupper the Sharks plans.
"I believe Luke really wants to stay in Manchester and to stay here at Sale Sharks," Jones declared. "He's very happy at the moment but it's just whether we can compete with French clubs.
"In the Guinness Premiership, every club has got to operate within a £4m player salary cap whereas in France there is no ceiling. In fact, I've heard that one French club has a player budget of 20 million Euros which, with the way the exchange rate is going right now, equates pretty much to £20m. If the figures that are been banded about are true then its going to be very difficult for us to compete and have a squad of 30 players.
"And if they are offering three times more than what we are paying, the boy is going to have to go.
"I know that Charlie has been over to France and he has to do that to see what's on offer. We'll be speaking to Luke's father today. It's not a formal meeting, it's just to find out where we are."
Significant
Should Sale manage to persuade McAlister to stay in the north west it would be a massive personal boost for Jones as he prepares to succeed the departing Philippe Saint-Andre as director of rugby at Edgeley Park next season.
But he admitted there was one other significant threat to his hopes of retaining the club's most prized asset.
"I'm sure the decision when it is made it won't just be based on the financial aspect," Jones added. "It will be based on the rugby, on what's right for Luke and I'm 100 per cent sure at this moment we'll hopefully find a solution and he'll stay in Manchester - if he doesn't go back to New Zealand.
"That obviously is still an option for him as well and that decision will be based on looking at the 2011 World Cup and the All Blacks.
"My perception would be that if we can come to the right package I would imagine it would be a one year agreement and then for Luke to go back to the All Blacks
"You look at his kicking, his passing, his speed and his power. He's got everything and we want to keep him here. He's a great guy, he fits into the squad and he's still a young man so he's perfect for us."
Meanwhile, the dates have been confirmed for Sale's remaining two Heineken Cup pool matches.
Their pivotal trip to Thomond Park, to take on holders and group leaders Munster will take place on Friday, January 16 (kick-off 8pm).
Sale's final group match will see Clermont Auvergne visit Edgeley Park on Saturday, January 24 (kick-off 3.35pm).
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Chabal (17/12/2008 at 20:09)