The 30-year-old is out of favour at the Emirates Stadium under Unai Emery, failing to make a single appearance since Boxing Day.
Ozil has missed a chunk of action this season through injury, but he confirmed towards the end of last week that he is fully fit and available for selection.
Emery has raised concerns over the ex-Germany international’s workload, particularly in away matches, and Gunners chiefs are looking to get his £350,000-a-week wages off their books if he is not going to be used.
Italian publication Tuttomercatoweb claims that Juve and Inter have the option to sign Ozil this month, but neither are expected to be willing to match his current salary.
Should the former Real Madrid midfielder be sold, it is suggested that Emery will be given the funds to reinvest back into his squad before the end of the winter transfer window.