Ozil has been in talks with Fenerbahce about a move during the January transfer window and his time at Arsenal looks to be coming to an end.
The 32-year-old, whose £350,000-a-week contract expires at the end of the season, hinted Fenerbahce could be his next club during a Twitter Q and A on Monday.
Discussions are now at an advanced stage and Fenerbahce have confirmed Ozil is on a verge of joining them.
But Fenerbahce director Belozoglu has said Ozil will have to take a significant pay cut to agree a deal.
“We had a meeting with him and his manager. Mesut is closer than ever.
“After the meeting process with Mesut’s club is over, we will hold meetings between ourselves. If Mesut agrees with his club on the terms we want, it won’t stretch our financial limits this year.
“Fenerbahce and other clubs no longer have the power to bring in footballers on €4-5m contracts. There will be no numbers that would disturb the balance or affect the salaries of other players, we do not have that ability.”
Ozil’s agent Dr Erkut Sogut has said he hopes a deal can be reached and Arsenal are hopeful of offloading the German.