However, Iwobi had other ideas about the outcome of this high-profile pre-season friendly with his spectacular effort on the dot of full time to ensure the game was decided on penalties.
Bayern manager Carlo Ancelotti started with newcomer James Rodriguez, Thomas Muller, Franck Ribery and Lewandowski, while Arsenal starters included Alexandre Lacazette as well as Mesut Ozil and Danny Welbeck.
Sanches's troubles worsened as he missed his spot-kick, as did David Alaba and Juan Bernat, enabling Arsenal to win the contest 3-2 thanks to strikes from Ramsey, Nacho Monreal and the Gunners' ultimate hero Iwobi. Starke denied another one-on-one attempt by the French striker in the 31st.
Granit Xhaka also rushed back to deny James an open goal just before the break after a cut-back from Franck Ribery on the wing, while Cech made another low save from the Colombia global just after the break.
Given the 27-year-old's standing and reputation in the game, a move does seem unlikely for the player who is contracted to the Bundesliga champions until 2021, although stranger things have happened already in the summer's transfer window.
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Granit Xhaka's last-ditch tackle denied James on the stroke of half-time and he was once again frustrated by Cech early in the second half after Lewandowski allowed Kingsley Coman's cross to run through.
Super Eagles forward Alex Iwobi equalized in the 90th minute as the game ended 1-1 at full-time which led to penalties.
The last time these two teams met, it wasn't pretty.
Bayern, meanwhile, plays AC Milan in Shenzhen.
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