The Sun says an East European gang has stepped in after North London thugs tried to steal the aces' watches in a moped raid.
But the yobs will not be intimidated and two men were arrested at Ozil's home this week — as Kolasinac's terrified wife fled to Germany.
The villains have warned the pair: “We'll rob you of everything."
Unknown to the players, an East European gang put out word that such attacks on them would not be tolerated.
A source said: “Word came back from the other gangsters that they would not be intimidated.
“To show they were serious, the thugs issued more threats to the Arsenal players and refused to be cowed.
“It was thought that originally the robbers wanted their watches but now they have been told that they want everything the pair have."
Two men were arrested after turning up to Ozil's £9million home near Hampstead Heath to confront him.
Kolasinac's wife Bella is so frightened she has fled to Germany — vowing never to return.
And the club said both players were being left out of today's match at Newcastle because of “security incidents".
The pair, who are best pals, are now under 24-hour guard while police investigate.