The Star actually quote a Spanish site called Fichajes and while Blues boss Jose Mourinho is an admirer of Özil the likelihood of this transfer going ahead is slim at best.
“He is the best No. 10 in the world. He made things easier for me and his team-mates with his vision of the game and the decisions that he made.”
Mourinho worked together with Özil during his time managing Real Madrid.
Özil joined Arsenal on a record £42.5 million transfer fee from Real Madrid in 2013.
The World Cup winner still has three years left on his lucrative contract and is reported to be happy at Arsenal.
Özil recently stated that he is playing his best football since arriving in North London from Real Madrid in 2013.
“At the moment I am pleased with the consistency of my game,” Özil told Sport-Magazine.
“I feel I am now playing my best football since joining Arsenal.”
The 26-year-old has been in impressive form since returning from injury. Özil has scored or provided an assist in 11 out of the last 13 games he has played in.