Germany worldwide Ozil, 29, has reportedly chose to reject signing a new Arsenal contract, which means he will be free to discuss a Bosman move with foreign clubs from January onwards.
Atletico Madrid could be the club to rescue the Germany global from Arsenal's clutches, according to the Express, but only if their own talented midfielder Saul Niguez makes the switch to Manchester United.
Manchester United have an alternative to extending the previously approved four-year deal by the midfielder when he put pen to paper for the Old Trafford outfit following a £28 million move from Athletic Bilbao back in 2014.
Players are free to chat to foreign parties from January onwards and, with no end in sight with regards to Ozil signing a new improved deal at the Emirates, Los Rojiblancos want to pounce on a rare chance to poach a leading light from a Premier League club.
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He said: "Some players, as they get older, change their schedule. That's up to him and Real Madrid".
The midfielder could really reinvigorate an Atletico Madrid side that often fails to create enough chances, but Simeone will face some stiff competition from Manchester United in the race to secure Ozil's signature. The only other club who have been linked is Turkish club Besiktas. "He is an important player, he is at an important club and wants to win things with Atletico".
"I have always said that the fact we didn't find an agreement a year ago doesn't mean the player will necessarily leave", he was reported as saying.
However, according to The Sun today, Atletico Madrid have made contact with Ozil's representatives regarding a potential return to Spain.