Ozil, 29, is in the final six months of his Gunners contract, with talks over a new deal currently on the table. Should there be no progress on that front, the German can leave on a free come the end of the season with Barcelona having also been linked with a move.
Ozil has been linked with a move to United to reunite with his former Real Madrid manager Jose Mourinho, while Barcelona have also been linked with the German as an alternative to Philippe Coutinho. The Catalans are willing to pay the midfielder the wages that he is demanding to extend his contract.
Meanwhile, the Daily Mail reports that Ozil is holding out for a contract worth £300,000 per week ($401,842) to prolong his stay with Arsenal.
Ozil hasn't had a stand out season thus far for the Gunners, with people questioning his application given his future is currently in doldrums. The German has managed only two goals and five assists thus far this campaign and has failed to affect games the way he is capable of.
The 29-year-old will be able to talk to clubs outside England from January onwards and could agree a pre-contract before moving on a free transfer next summer. Arsene Wenger is still hopeful of tying down the German to a new deal, and revealed recently that talks are still ongoing between the player and the club.
However, Hislop is not convinced that the Gunners are doing everything to tie him down to a new deal and the German will eventually move clubs within the Premier League in the summer. He feels that United will not be able to sign him in January but Mourinho is likely to have his man after the end of the season.
"This has been going on for quite some time," Hislop said of United's Ozil interest, as quoted by the Express. "I think there is a chance (of it happening). I actually don't think it happens in January. But I'll put it down as a chance and say it happens."