The midfielder's contract expires at the end of next season, and Arsene Wenger may seek to get a return on his investment rather than letting him leave on a free transfer.
Mesut Ozil
Arsenal are willing to listen to offers for German midfielder Mesut Ozil if he does not agree a new contract, according to the Telegraph.
The 28-year-old's current deal expires in the summer of 2018, but Arsenal boss Arsene Wenger could cash in on Ozil before then if he does not extend his stay at the Emirates.
Both Alexis Sanchez and Ozil's deals end at the same time, with the duo being linked away from the club.
However, Wenger does not want Ozil's contract to run down and may opt to sell the midfielder, with Chelsea, Manchester City and Juventus all interested.
A move to Real Madrid has also been speculated, as Ozil previously stated that he would be open to returning to the Santiago Bernabeu.