The prospect of losing the £42.5million signing from Real Madrid on a free transfer is too much for Wenger to contemplate with Alexis Sanchez also running down his deal.
However, Wenger insists the lack of extension yet does not mean Ozil won't stay long term at Arsenal. Arsenal are now six points off the Premier League leaders after signing just two players this summer - striker Alexandre Lacazette and left-back Sead Kolasinac.
Sanchez was part of the Chile team that were eliminated from the World Cup on Tuesday - in part due to an error for Colombia by his Arsenal team-mate David Ospina - and will be assessed for both his mental and physical state when he returns to England this afternoon.
"I think he's still off it but there are signs that he's getting there. They want to focus on winning things", Wenger said.
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Sanchez was denied a deadline day move to Manchester City in the summer as the Gunners stood firm in their desire to keep hold of their star player, but with a plethora of teams already circling for the 28-year-old's signature Alves has thrown his support for the Chilean to play his football at Parc des Princes next season.
"I don't think [he does need to leave]. I will always appreciate him and I will always wish him the best wherever he goes".
"Overall I believe he doesn't necessarily have to leave Arsenal to reach the World Cup".
Alexis Sanchez and his Chile teammates missed out on a place at the World Cup in freakish circumstances last night.
"Jack is certainly one of the players who has that more than anybody else", he said.