Per the source, Arsenal, Valencia and Manchester United are all in the race for the Turkish international midfielder.
Besiktas value Ozyakup as being worth £16.8 million and he does have another two-years remaining on his current contract.
Ozyakup is of course no stranger to Arsenal and played a major role in Under-18s side that won the Premier Academy League title in 2009.
The central midfielder made a few appearances in cup competitions for the Gunners before joining Besiktas in 2012.
The Besiktas star was raised playing football the Arsenal way and maintains close ties with his former teammates.
The 23-year-old has gone onto become a first-team regular at Besiktas and played a key role in the Black Eagles winning the 2015-16 league title.
Ozyakup scored 10 times and provided eight assists for the Istanbul giants in all competitions last season.
Arsenal do have a 25 percent future sale clause and Ozyakup has revealed in the past that if he were to return to the Premier League he hopes it would be back to the North London based club.