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The Germany midfielder is in the final 18 months of his contract at the club.
A £200,000-a-week contract is on the table.
But Ozil appears poised to turn down Arsenal’s advances and seek a move this summer.
The Telegraph report the German will snub the offer after telling friends in Germany that he wants out.
He’s been at the Emirates since a £42.5m move from Real Madrid in 2013.
And with his contract having just a year to run at the end of this season, Ozil is likely to be sold to ensure the club get some return rather than losing him for nothing.
The World Cup winner could be joined in walking away from north London by Alexis Sanchez and Alex Oxlade-Chamberlain.
Goalkeeper Petr Cech is also not impressed with being reduced to a bench role in the Champions League.