Arsenal boss Unai Emery is ready to see a raft of stars sold this summer.
Emery has been warned that he will have to work with a budget of around £40million if Arsenal fail to qualify for the Champions League.
Ozil and Mkhitaryan have two years to run on lucrative contracts and could be almost impossible to shift for any sort of fee.
Arsenal have failed to find a buyer for error-prone Mustafi for the last two years.
The uncertainty has increased the pressure on the Gunners to win the Europa League — they face Valencia in the semi-final first leg tomorrow — and secure Champions League qualification worth around £30m.