Ozil fell out of favour at the Emirates towards the end of last season, failing to make a single appearance under Mikel Arteta during Project Restart.
The Gunners are therefore desperate to get his £350,000-a-week wages off their books this summer, with another year still to run on that deal, and Al-Nassr could solve their problem.
According to Turkish outlet Fanatik, Ozil has received a lucrative offer to join the Saudi outfit.
It is believed Al-Nassr are keen to sign the Germany international this summer, however they are also prepared to wait until he becomes a free agent next year if an agreement can’t be reached with Arsenal.
The Riyadh-based side have reportedly told him: “We want to make you the new Prince of Saudi Arabia and we will not spare any sacrifices for this.”
The writing appeared to be on the wall for Ozil at Arsenal when he publicly criticised club officials last month, accusing them of rushing the squad into accepting pay cuts amid the coronavirus pandemic.
He said: “We needed more information and many questions were unanswered.
“Everyone was fine with a deferral while there was so much uncertainty... and then a cut if required, once the financial outlook was clearer. But we were rushed into it without proper consultation.
“You have a right to know everything, where the money is going. But we didn’t get enough details, we just had to give a decision.
“It was far too quick for something so important and there was a lot of pressure. This was not fair, especially for the young guys, and I refused.
“And when you see what has happened now with the jobs (55 redundancies), maybe I was right.”
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Ozil has made 254 appearances for Arsenal since completing a £43million switch from Real Madrid in 2013, scoring 44 goals and winning three FA Cups.
He has also been linked with a move to Fenerbahce this summer after expressing his admiration for the Turkish club on a number of occasions.