Arsenal are reportedly planning to make a last-ditch effort in trying to persuade Mesut Ozil to continue at the Emirates by offering him an improved wage package close to £300,000 a week ($400,533 per week).

The German international's current deal will run down after the end of the ongoing campaign. Failure by the Gunners to tie him down to a new deal before the end of this calendar year will allow him to sign a pre-contract agreement with clubs outside England.

According to the Daily Mail, the north London club are still interested in keeping Ozil at Arsenal beyond this season. Arsene Wenger's side have already offered him a new deal worth around £235,000 a week ($313,750 per week) in the past.

He has impressed with his display in the last few matches. Ozil has scored once and registered three assists in four league matches he appeared since the last international break.

The player's agent Dr Erkut Sogut confirmed the contract talks are "going in a positive way" earlier in October. However, Ozil has decided against agreeing to the deal offered by his employers and Arsenal were preparing for the worst following a breakdown of talks.

Ozil is demanding £300,000 a week to sign an extension and Arsenal's latest offer should be close to that. Despite the Gunners' decision to break their wage structure and offer a lucrative deal to the World Cup winner, it should be seen whether the 29-year-old will put pen to paper.

His club teammate Alexis Sanchez's current contract at Arsenal will expire in 2018. The Chilean international is also expected to leave the Emirates on a free transfer after this term. Wenger has ruled out the chances of allowing Ozil and the former Barcelona star to leave the club in January.

Arsenal are believed to have given up any hope of retaining Sanchez beyond this season. They have shifted their focus towards Ozil and want to keep the former Real Madrid star at the club as the Gunners are not looking to allow both the players to leave on a free transfer next summer.

The German playmaker is attracting interest from Arsenal's league rivals Manchester United and Barcelona. Ozil has played under the Red Devils manager Jose Mourinho in the past when the two were at Real.

Both United and the Catalan club are looking at the option of signing the Gunners' No 11 on a free transfer after the end of the season.

The only encouragement for Arsenal is that the player's agent said earlier in October that his client still wants to play in the Premier League for the next two to three years. Sogut said, "Ozil wants to play another two to three years in the Premier League."

A move to Old Trafford will also allow Ozil to stay in the Premier League. It should be seen whether Arsenal star will continue at the Emirates or will join United or Barcelona on a free transfer in the summer.

Mesut Ozil
Mesut Ozil's contract at Arsenal will run down after the end of this Getty