Sanchez and Ozil would reportedly both like to see more quality added to the side.
They report that contract talks have been put on hold until the summer as Arsenal were hoping that neither player would enter the final two years of their existing deals.
The duo would reportedly like to see whether other areas of the squad are being strengthened before committing to new contracts, and if Arsenal fail to qualify for next season's Champions League then there would be further concern.
It has been a disappointing league campaign for Arsenal - who at the start of the season were many people's pick for the Premier League title. Their challenge fizzled out in February and they now have a fight on their hands to ensure their place in the top four.
The Gunners are currently four points clear of fifth-placed Manchester United with five Premier League games left for them to play.
The last two seasons have seen Arsenal win the FA Cup but this season they will be without silverware. Signing both Ozil and Sanchez were seen as big statements as the Gunners tried to make the step forward to consistently challenging for the title and winning silverware, so there will be some concern if neither player is particularly enthusiastic about committing their future to the club for the long term.
Sanchez has scored 39 goals in 88 games, providing 23 assists since his arrival from Barcelona in the summer of 2014, while Ozil has made 113 appearances for the club, scoring 20 goals and providing 42 assists having arrived a summer earlier.
With both players aged 27, Arsenal have them when they should be in the prime of their careers so securing new contracts for them is imperative.