The duo, who both have two years remaining on their existing contracts, have been in talks with the club for several months.
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According to the Daily Mail, the club are confident Ozil will sign soon, but there is a worry about when Sanchez will put pen to paper.
Arsene Wenger’s side will begin their Champions League campaign with a visit to Paris Saint-Germain on Tuesday night, and the duo will have a huge part to play if they are to come out with three points from the group stage encounter.
The Germany global has previously cited Wenger’s influence as a key reason behind his decision to move to north London from Real Madrid in 2013 and seems eager to continue his education on the subject.
The German World Cup victor made 35 Premier League appearances last season, scoring six goals and assisting an impressive 19 in the process.
Discussions are understood to have opened in May over fresh terms, but with both away on global duty over the summer talks had to be put on hold until the new campaign.
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Nevertheless, with a strong side in place, the French tactician will hope that they can continue to make progress and build on their second-place finish last season to give the likes of Ozil and Sanchez many more reasons to stay.
