Atletico Madrid have contacted Mesut Ozil to offer him a route out of Arsenal when his contract expires next summer, according to reports.
The Sun says Atletico coach Diego Simeone is an admirer of Ozil and is prepared to offer the playmaker wages of around £200,000 ($260,000) per week, along with a signing-on fee if he joins as a free agent at the end of the season.
Germany international Ozil, 29, has reportedly decided to reject signing a new Arsenal contract, which means he will be free to discuss a Bosman move with foreign clubs from January onwards.
The Sun claims Ozil is holding out for wages of £330,000 to sign a new contract at the Emirates Stadium, well in excess of the north London club's current salary structure.
His agent Erkut Sogut said last month that the former Real Madrid playmaker could still sign a contract extension at Arsenal.
"Ozil wants to play another two to three years in the Premier League," Sogut was quoted as saying by Sky Sports. "Our contacts with Arsenal continue and are going in a positive way."
There is also widespread speculation over the future of Ozil's club teammate Alexis Sanchez, who too is in the final year of his contract.
The Chilean forward tried to force through a move to Manchester City during the summer transfer window but the transfer broke down, while French giants Paris Saint-Germain are also reported to be interested in his services.
Arsenal boss Arsene Wenger said in October that it was "possible" that both Sanchez and Ozil could leave the club in January.
"I have always said that the fact we didn't find an agreement last year doesn't mean the player will necessarily leave," he was reported as saying.
"Both players looked happy here and overall I hope the situation can be turned around."
Ozil joined Arsenal from Real Madrid in a £42.5m deal in 2013 and has made 168 career appearances for the Gunners.