Arsenal transfer rumour: Gunners star Mesut Ozil demands £300,000 a week to sign extension

Arsenal star Mesut Ozil will have one year left on his contract in the summer and the playmaker is demanding a weekly wage of £300,000 a week ($387,480 per week) to commit his future to the Gunners.

The World Cup winner with Germany is the top earner at the Emirates on a £140,000 a week ($180,824 per week). According to the Daily Mail, Arsenal were ready to offer him £250,000 a week ($322,900 per week) to keep him at the club beyond the next season.

Ozil has decided against agreeing to the pay rise as he still feels the Gunners £50,000 short of his expectation. Should Arsenal agree to his demands, he will receive a pay rise close to 115%. However, the Gunners believe the former Real Madrid star's demand is not value for money.

He has seven goals and six assists in the league from 28 appearances and his form against the top six sides has been below average this season. Arsene Wenger saw his side suffer a 2-0 defeat at the hands of Tottenham Hotspur at White Hart Lane.

The 28-year-old was subjected to heavy criticism from a section of Arsenal supporters and pundits for his poor form in the north London derby. In addition to this, the coaching staff at the club raised concerns over the ex-Bundesliga player's commitment in the training sessions.

Arsenal's No 10 is currently in a fix as he has failed to attract interest from any other club for his services, reports the Daily Mail. This is due to the player's high wage demands, which many clubs are unwilling to match.

The situation could force Ozil to agree for a pay rise of £250,000 a week. Ozil is not the only player whose contract will run down in 2018. Alexis Sanchez will also have one year left on his contract in the summer.

Wenger earlier admitted the contract talks with Ozil and Sanchez will resume after the end of the season. Arsenal will be pressing for a quick decision from the German international. Should he decide against signing a new deal, the Gunners will be ready to cash in from his sale in the summer rather than letting him go for free a year later.

Arsenal's problems are beyond Ozil's contract situation. Wenger's contract runs down after the end of the season and a decision over his future is yet to be revealed.

They are currently sixth in the table with 60 points from 33 games and are six points behind fourth place Manchester City. Arsenal have an advantage of a game in hand and will host Manchester United in the league tie on 7 May. A defeat at the hands of Jose Mourinho's side is likely to end their hopes of qualifying for the next season's Champions League.