Arsenal manager Arsene Wenger revealed earlier this week that talks had stalled between the club and their two star players, who are believed to be demanding wages in excess of £250,000-a-week before they extend their terms.
It means Arsenal face ending the season with the future of their manager, whose contract expires in the summer, and their two most important players in doubt.
However Ozil has consistently made clear that he sees his long-term future at Arsenal and is believed to be much more likely to put pen to paper on a new deal than Sanchez.
“The fact is I’ve still got a contract in London,” Ozil said.
“To speculate now would be wrong. At the end of the season we will see, there will be talks. I’m very happy at Arsenal and in London.”
Ozil has missed the starting lineup in each of Arsenal’s last five games and did not feature in Germany’s friendly win over England as he suffered with the hamstring injury that had also ruled him out of the visit to West Brom.
In that time Arsenal have lost three of their five games – their only victories coming against non-league opposition in the FA Cup – and Ozil admitted that he could not explain what was going wrong with Wenger’s side.
“We are having a difficult phase,” Ozil added. “Somehow something is not working with the team. We are letting in a lot of goals.
“Maybe it’s down to self-belief. When I look at the quality of Arsenal though I’m convinced we will get on a run again soon.”
The 28-year-old also missed Germany’s final training session before their World Cup qualifier in Baku with back problems.