Ozil's contract at the Emirates expires at the end of this season.
Nevertheless, the same source suggests that the failure to do so will tempt Arsene Wenger to cash in on his services as he does not want to release the former Real Madrid man on a free at the end of the season.
The Germany global, who has entered the final year of his contract at the Emirates is not expected to sign a new deal with the club.
The 29-year-old is believed to want a significant rise on his current £140k-a-week wages along with a sizable signing on bonus.
Initially, it was thought that the Gunners had given up on keeping hold of the German beyond the summer, but according to The Sun, the club have achieved a stunning breakthrough in regards to the contract extension and the negotiations are "very very close".
Evaluating today's stock market for: Air Products and Chemicals, Inc. (APD)
Over the last five days, shares have faced -0.77% losses and now is up 10.53% since hitting its 200-day moving average of $149.79. It improved, as 48 investors sold APD shares while 242 reduced holdings. 84 funds opened positions while 256 raised stakes.
However, if a deal is not struck, Arsenal will look to offload him in January. Ozil is a phenomenal footballer who is writing his own story that has nothing to do with Arsenal football club.
Arsenal have been on a decent run of late, despite Saturday's disappointing home defeat to Manchester United, and they sit in fifth position in the Premier League table, having already qualified for the last 32 of the Europa League as group winners, with one game to spare.
But Arsene Wenger's unwillingness to lose him for nothing could well forge a deal for Jose Mourinho's side, should no one else move for him. Giroud himself would be best served showing how much of a difference he can make as a line-leading striker and target man to Arsenal before his contract comes up rather than touting Ozil.
With both Henrikh Mkhitaryan and Juan Mata struggling at Old Trafford, Ozil could be the ideal fit for the No 10 position with United chasing City at the top.
- Body Cam Footage of Ralph Shortey Arrest Released
- Wind Drive LA SoCal Wildfires, Bel Air Burning
- Shares in Marathon Oil Corporation (MRO) Purchased by WINTON GROUP Ltd
- Jeffrey Tambor Now Says He's Not Leaving Transparent
- Big Second Half Leads Pelicans Past Nuggets
- Angelina Jolie Reveals What Really Ruined Her Marriage
- Stipe Miocic To Defend Heavyweight Strap Against Francis Ngannou At UFC 220
- Flags to half-staff to remember day of infamy
- Bitcoin mining marketplace NiceHash loses tens of millions of dollars following hack
- Troops kill 3 Boko Haram insurgents, recovers ammunition in Borno