The German has been in scintillating form for the Gunners this season.
The 27-year-old has reportedly been offered a one-year extension to his current deal, which is due to expire in 2018, as well as a £25,000-a-week increase in wages that would see the World Cup winner earn £160,000-a-week (via The Sun).
While the former Real Madrid man has had his critics since his move to the Premier League, there is no question that his form during this current campaign has warranted the recognition of a new deal.
As well as scoring two goals for the Gunners in the top flight this term, Ozil has bagged a staggering 13 assists already, which leaves him well on course to eclipse Thierry Henry's Premier League record of 20 by the end of the campaign.
His efforts have helped Arsene Wenger's side somehow get through to the last 16 of the Champions League, having been in a desperate situation just a few weeks ago, and have guided the club to second in the league.
And with many still questioning whether leaders Leicester City can sustain their form for the entire season, there is no doubt that should Ozil continue to lay great chances on a plate for his teammates, Arsenal will be right in the equation come May.