The Gunners have been keen to tie down their two star players and have held initial talks, though little has been made in the way of progress, according to The Times.
This leaves the pair into the final two years of their current deals at the start of this season, and could potentially leave Arsenal in a vulnerable position if they don’t commit soon.
It is not clear why Sanchez and Ozil have been reluctant to sign extensions, though players of this calibre may feel they are some way off winning major trophies at the Emirates Stadium at the present time.
Arsenal have won just two FA Cups in the last three seasons, and finished second to surprise Premier League champions Leicester City last term.
Sanchez and Ozil have both won major titles at their previous clubs Barcelona and Real Madrid, and would not be short of suitors if they did decide to quit Arsenal.