The Germany international is under contract at the Emirates Stadium until the end of the current season, with no new deal having yet been agreed between player and club.
According to Italian outlet Transfermarketweb, the Gunners have accepted that Ozil will not be renewing his deal at the North London club beyond next June.
The report goes on to claim that Serie A giants Inter are monitoring Ozil with a view to a move in the New Year as a replacement for Joao Mario in the Nerazzurri midfield.
Arsenal will allegedly be willing to do business for the 28-year-old in the upcoming transfer window, lest they lose their one-time record signing for nothing in the summer.
Ozil moved to the Emirates Stadium from Real Madrid for £42m in 2013 and has made 165 appearances for Arsene Wenger's side, scoring 32 goals and registering 57 assists in that time.