Premier League club Arsenal has reportedly reached an agreement with German star Mesut Ozil over a new contract.

The midfielder is said to be closing in on a new long-term deal that will see him get rewarded with a $250,000 a week salary.

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His current deal was is set to expire at the end of next season. This latest developments will be a huge relief for the fans, who were concerned that the talks were taking too long.

 A few weeks ago, Arsenal manager Arsene Wenger seemed to insinuate that Ozil's demands were unrealistic.

"I don't think he needs convincing to stay. He wants to stay here. If you have a good bank, call me," the Arsenal boss said after his team's win over Swansea.

Arsenal is known to have a tight wage structure, and there were fears that Ozil's wage demands could prove to be heavy burden for the club.

Ozil is also reported to have initially been concerned that Arsenal lacked the ambition to challenge for major titles last season. However, the club's transfer business over the summer put his fears to rest.

If the agreement is signed, it will keep Ozil as Arsenal's top earner. Ozil is said to be happy with his life in London and with Arsenal's current run of good form.

The London giants are currently on a 16-match unbeaten run that dates back to the opening weekend of this season.

Chilean star Alexis Sanchez is also in talks with the club, but his deal is far from complete.

Arsenal is trying hard to secure the two stars, as it is aware that the players will be in a position to force a move away if they do not sign new deals before the end of the season.

Santi Cazorla and Per Mertesacker are also out of contract this season, although the club seems to have prioritized Ozil and Sanchez.

TagsOzil, Arsenal Transfer Rumors, Arsenal, Alexis Sanchez