Arsenal could be forced to sell Mesut Ozil in the summer if the German World Cup winner does not lower his wage demands, according to the Daily Telegraph.
Both Ozil and Alexis Sanchez only have 18 months remaining on their contracts, and Arsenal are still hopeful of striking an agreement with the star duo.
Chelsea are the latest club to join the queue of interested parties monitoring the situation of Sanchez, but it is Ozil who is currently thought to be more expendable if Arsenal are forced to consider cashing in.
Arsenal could risk letting the pair enter the final 12 months of their agreements if no compromise deals can be struck, but Telegraph Sport understands any big offers for Ozil would be looked at if he does not sign an extension.
Ozil last week hinted that he is open to a return to Real Madrid, while Bayern Munich could also be interested in taking the 28-year-old back to Germany.
While Wenger and Arsenal have no desire to let Ozil go, it would appear the club think he would be easier to replace than Sanchez.
Neither Ozil nor Sanchez would be prepared to earn less than the other at the Emirates. Arsenal could afford to pay £15m-a-year, £288,000-a-week, to one of them but it is unlikely they would sanction such a big contract for both men.
