And while manager Arsene Wenger is keen for the Germany worldwide to put pen to paper on a new deal, the Frenchman admits talks have slowed with his star man.
Arsenal are believed to have put £275,000-a-week on the table for the attacking midfielder, but his representatives are keen for a deal worth closer to £350,000-a-week.
Ozil could join the Chilean global and leave the Gunners on a free transfer after the end of the 2017/18 season.
Reports in Germany claimed that talks had been abandoned since February and that Manchester United are among the clubs ready to sign him should a deal fail to be struck.
But with time running out on his deal, Wenger insists there's still a chance he will stay.
Wenger also said that he is still interested in re-signing the German global and that he is hopeful a deal will get done.