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Speculation over Sanchez and Ozil’s future at the Emirates Stadium has been well documented, with both players set to enter the final years of their current deals.
The club have so far been unable to secure their services with contract extensions but Wenger will make another push, according to the Daily Mirror.
It is claimed the Gunners are prepared to offer the duo a combined £30m to stay, with a renewed confidence of striking a deal after the FA Cup final victory over Chelsea.
Chilean superstar Sanchez has enjoyed a superb season and will reportedly be offered a two-year extension worth £275,000-a-week.
The contracts of Sanchez and German playmaker Ozil will be on the agenda at Arsenal’s board meeting on Tuesday, which will primarily revolve around the future of veteran manager Wenger.
Sanchez, 28, has emerged as a target for Bayern Munich, Chelsea and Manchester City but Arsenal hope he will put pen to paper after receiving the new lucrative offer.