Arsenal Transfer News: Latest on Mesut Ozil and Alexis Sanchez Rumours

Arsenal are reportedly closing in on tying both Alexis Sanchez and Mesut Ozil to new contracts at the Emirates Stadium.

According to Steve Stammers in the Mirror, the pair are "poised" to pen new deals, with their current contracts both expiring in 2018.

Arsenal fears that Ozil might depart the club due to the Gunners' inability to compete consistently for top honours emerged early in the summer, per the Times' Matt Hughes.

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Meanwhile, Sanchez, 27, was the subject of a £34 million bid from Juventus back in July, per Chilean newspaper El Mercurio (via Darren Lewis in the Mirror).

Per Stammers, though, both are now prepared to commit themselves to Arsenal, with Ozil, 27, reportedly further encouraged to add three more years to his deal following the arrival at the Emirates of close friend and Germany team-mate Shkodran Mustafi.

If and when Ozil and Sanchez do pen new contracts, it will be a huge boost for the Gunners as they are two of manager Arsene Wenger's most important players.

Ozil is Wenger's key creative player and has made the Arsenal No. 10 role his own, per Bleacher Report's Sam Tighe:

His 19 assists in the Premier League last term was far and away the division's best tally in terms of setting up goals, per Opta:

Sanchez is often a beneficiary of Ozil's creativity, and the pair regularly combine to devastating effect.

The Chilean winger moved to Arsenal from Barcelona for £35 million in 2014, and he has netted 30 goals and provided 13 assists in 69 appearances for the club, per WhoScored.com. 

With Ozil having cost £42.4 million to sign from Real Madrid in 2013, he and Sanchez are among the top-four most expensive players Arsenal have ever bought.

They have both justified their transfer fees and played vital roles for Arsenal in the last few seasons, and tying the pair to new deals can only be a positive for the Gunners as they look to win the Premier League in 2016-17.