The report states that the former Barcelona star is set for talks over a new deal with the Gunners preparing an offer in excess of his current £130,000-a-week salary.
Sanchez is currently the third highest earner at Arsenal. The England international Theo Walcott earns £140,000 per week, the same as Özil who is also in line for a new deal.
Özil joined the north London based club on a £42.5 million transfer from Real Madrid in 2013 and despite establishing himself as a first team regular he has been regularly criticised for his performances in the press.
Arsenal beat Everton 2-1 at the Emirates over the weekend to move into first place in the Premier League table over the weekend.
Özil played a starring role in the victory setting up Olivier Giroud with the opening goal. The World Cup winner has now provided five assists in his last four league games.