Express Sport understands the Gunners are ready to offload the German and Alexis Sanchez as part of a reinvention process.
Ozil has failed to agree to a new contract at the Emirates, despite being tabled £200,000 a week to sign on.
The 28-year-old has just over a year remaining on his current deal, meaning Arsenal would face losing him for free in 2018.
As a result of Ozil’s below-par performances this season and no contract extension, Arsene Wenger will listen to offers.
Mesut Ozil is set to leave Arsenal this summer
Arsenal want to recoup at least £30m for the World Cup winner at the end of the season
According to The Telegraph, Arsenal want to recoup at least £30m for the World Cup winner at the end of the season.
The Gunners spent a club-record £42.5m on Ozil to sign him from Real Madrid in 2013, but they are prepared to take up to a £12.5m loss.
Fenerbahce are considering launching a bid to take the Arsenal star, whose parents were born in Turkey.
Arsene Wenger has been left frustrated with Mesut Ozil at Arsenal
Mesut Ozil snapped in deep discussion with Arsene Wenger
Fri, March 17, 2017
Mesut Ozil was snapped in deep discussion with Arsene Wenger during training on Friday
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Mesut Ozil was pictured in deep discussion with manager Arsene Wenger today
Mesut Ozil has struggled to make a strong impact in the Arsenal team of late
The Turkish giants could look to take advantage of the situation, with Ozil not said to be attracting much interest from around Europe.
While Sanchez has Paris Saint-Germain, Juventus and clubs in China after him, they are not many ready to pay big for Ozil.
In the meantime, the Arsenal attacker must help secure his side Champions League football, however, he is currently sidelined with a hamstring issue.