The 27-year-old has two years remaining on his current deal and is already Arsenal’s biggest earner.
The Mirror newspaper report that the Gunners want to prove the the club’s ambition to keep the former Real Madrid man by offering him a £200,000-per-week along with add-ons and bonuses.
The tabloid newspaper go onto state that Arsenal believe the deal will be signed, and that Arsene Wenger is confident that both Ozil will put pen to paper.
Ozil joined Arsenal from Real Madrid back in September 2013 for a club record £42 million and helped Arsenal break their long wait for silverware with back-to-back FA Cup wins.
The 27-year-old has recorded 18 assists and with two matches left this season he still has a chance of matching the Premier League record of 20 set by Thierry Henry.