Ozil is yet to sign a new deal with the Gunners and looks set to leave on a free transfer next summer.
Atletico have reportedly contacted the 29-year-old with the hope of luring him back to the Spanish capital.
Diego Simeone will look to beat off interest from Manchester United by offering Ozil a huge signing-on fee and a weekly wage of around £200,000 a week.
'The Sun' also claims that the German is demanding a £300,000-a-week deal to stay at the Emirates, but also understands he may have to lower that figure due to a lack of interest from Europe's elite clubs.