The Germany international has been heavily linked with a departure from the Emirates after falling out of favour under Unai Emery and struggling for form throughout the season.
According to Turkish outlet Fotomac, the 31-year-old could be heading to Turkey after sporting director Damien Comolli travelled to London for talks.
The report claims that Fenerbahce are close to reaching an agreement to sign Ozil on loan for the rest of the season.
Comolli was in London this week to conclude a deal and the Istanbul outfit are confident of sealing Ozil’s signature, although there are some details that still need ironed out.
Ozil has made just 11 appearances for the Gunners this season and would benefit from regular game time, while Arsenal could jump at the chance to get his £350,000 per week wages off their books.
The World Cup winner has a contract at the Emirates until 2021, but it remains to be seen if what impact the arrival of manager Mikel Arteta will have on his Gunners career.
Arteta was confirmed as the permanent successor to Unai Emery on Friday, signing a three-and-a-half year deal to mark a return to the club he represented during his playing days.
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