Arsenal transfer news: Marco Reus and Dimitri Payet could replace Alexis Sanchez and Mesut Ozil

All the latest rumours from the Emirates on Tuesday 20 December, 2016

Ozil and Sanchez both have 18 months left on their existing deals (Getty)

Arsenal will turn to Borussia Dortmund forward Marco Reus if they fail to convince either Alexis Sanchez or Mesut Ozil to commit to new deals at the club.

The Gunners are hoping to persuade both players to remain at the Emirates beyond their current deals, which expire in 2018, but are conscious of letting the pair leave for nothing if they allow them to enter the final years of their contracts.

According to the Telegraph, both players are holding out for salaries in excess of £200,000-a-week despite being offered £180,000-a-week by the club and Arsenal are drawing up a contingency plan that involves Reus.

The German is under contract until 2019 with the Bundesliga side but would receive a huge pay rise if he were to come to the Premier League.

Another player linked with a move to the Emirates is West Ham’s Dimitri Payet after the Frenchman admitted playing for Arsene Wenger’s side “could be fun”.

However, he insisted to RMC that he had not had any contact with Arsenal.

"I read that Wenger considers me the missing piece of the Arsenal's game, but he's never told me that!" Payet said.

"We conceded five or six at home against them. When you see them playing, as a technical player, you could only have fun in that team. They're candidates for the title every year."

According to the Express, Arsenal have been given a boost in their annual pursuit of German World Cup winner Julian Draxler.

Draxler has made no secret of his desire to leave the Volkswagen Arena (Getty)

They report that the Gunners are willing to part with £30m to secure the winger’s services after rivals for his signature Juventus pulled out of a deal after not wanting to upset relations between the two clubs.