Ozil, 31, has been deemed surplus to requirements by Mikel Arteta at the Emirates having failed to make an appearance since March.
The Gunners are desperate to get his club-high £350,000-a-week wages off their books this summer, with Fenerbahce previously touted as potential suitors.
Saudi Arabian outfit Al-Nassr were also linked with a move for the German ace earlier in the window, reportedly offering him a staggering contract worth £15million per year.
With Lyon’s Houssem Aouar and Atletico Madrid’s Thomas Partey still on Arteta’s radar heading into the final few days of the window, Arsenal reportedly need to offload some of their current stars to raise transfer funds.
However, Sky Sports reporter Dharmesh Sheth claims they are yet to receive any suitable offers for both Ozil and fellow outcast Matteo Guendouzi.
“You get the impression that Arsenal’s chances depend on how many sales they make and how much money they can raise,” Sheth said on The Transfer Show.
“As far as Mesut Ozil and Matteo Guendouzi are concerned though, no suitable offers have come in for either player thus far, but we are expecting quite a frantic end to things at the Emirates.”
Arteta has identified Aouar, who played a crucial part in Lyon’s run to the Champions League semi-finals last season, as a top transfer target in north London.
The France midfielder is reportedly willing to join Arsenal before the deadline, but they are yet to reach an agreement with Lyon.
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Sheth added: “Arsenal have already had a bid rejected in this transfer window for Aouar, which was described by the Lyon president [Jean-Michel Aulas] as ‘timid’. He has also put a Friday deadline on any deal for any of the Lyon players to be concluded.
“If there are players at Lyon on Friday at midnight, they will not be signed in this transfer window.”