The Germany and Arsenal midfielder Ozil is in the final year of his current contract, but the Gunners are trying to persuade him to make highest-paid player in club’s history so as to keep him sign a new contract.
Ozil will be a free agent at the end of the season and has so far refused to commit his long-term future to the Gunners.
Ozil joined the Gunners from Real Madrid for £42.5million in 2013.
The laid-back German has polarised opinion during his time in England, but has weighed in with 27 goals and 47 assists in the Premier League.
Arsenal have already offered him a deal north of £235,000-per-week.
The new offer will be closer to the £300,000-per-week Ozil is looking for, but it remains to be seen whether the 29-year-old will put pen to paper.
Gunners boss Arsene Wenger could suffer a double humilitation if Ozil leaves as the club are resigned to losing Alexis Sanchez.
If he does sign, it would make the former Real Madrid man the highest earner in the club’s history.
Manchester United and Barcelona are both monitoring the player’s situation at the Emirates.
Barcelona and Manchester United have been closely monitoring the situation, with Jose Mourinho hoping Ozil ignores all offers and heads to Old Trafford on a free.