The Gunners are looking to reduce their wage bill to help raise a budget for the transfer market.
Aaron Ramsey is already a confirmed departure to Juventus on a free transfer at the end of the season and Petr Cech is set to retire.
However, The Mirror believes that Ozil, who earns £350,000 a week, and Mkhitaryan, who’s on £180,000 a week, could be sacrificed to help boost club finances.
The report says that the Gunners could begin the summer with a budget of £45 million if they fail to qualify for the Champions League.
However, manager Unai Emery is believed to be keen on bringing in Tierney and Barella should that figure increase.
Scotland international Tierney is said to be his preferred choice to strengthen the left-back spot, while Italy star Barella is a midfield target, but comes with a price tag of around £43 million.
A move for the 22-year-old could therefore depend on Arsenal achieving a place in next season’s Champions League, while Emery is also believed to want a new central defender and an attacking midfielder.
RANKED! The 10 best forwards in the world
