Arsenal transfer news: Arsene Wenger to open contract talks with Mesut Ozil and Nacho Monreal

Arsenal are preparing to offer club-record signing Mesut Ozil a new contract with improved terms, despite the German midfielder having three years remaining on his current deal. Arsene Wenger is reviewing the contracts of his first-team stars and is keen to extend the German's £140,000-a-week deal before it enters its final two years.

According to the Mirror, the Gunners are ready to make an improved offer as the manager looks to tie down all the key members of his first-team squad. The North London club have also offered Nacho Monreal a new three-year deal, which is expected to be accepted by the defender, who has usurped Kieran Gibbs to become the Frenchman's first choice at left-back.

The German midfielder has been installed in his favoured number 10 role and is the orchestrator of the Gunners' creative play. The former Real Madrid star is the highest earner – along with Alexis Sanchez – but a new deal, which the report claims that he will accept, will make him the undisputed highest earner at the club.

Monreal, on the other hand, has been linked with a move away from the club after struggling to dislodge Gibbs as the preferred choice at left-back since his arrival from Malaga. But since the second half of last season, the Spain international has impressed Wenger with his performances.

Mikel Arteta and Mathieu Flamini have one year remaining on their respective contracts and it is unlikely that Wenger is going to offer the ageing midfielders a new deal. The report claims next summer will see Wenger dipping into the transfer market to replace his current skipper.