Both Ozil and the Gunners have reached an agreement in principle over an early termination of his £350,000-a-week contract, ending a seven-and-a-half-year association with the club.
It would leave Ozil clear to join Fenerbahce on a free transfer, understood to be his preferred destination, while MLS side DC United have also shown strong interest.
Ozil supported Fenerbahce as a child and recently expanded on his love for the Turkish giants during a Twitter Q&A session.
“I grew up as a Fenerbahce fan as a kid in Germany,” he wrote.
“Every German-Turkish person supports a Turkish team when they grow up in Germany. And mine was Fenerbahce. Fenerbahce is like Real Madrid in Spain. The biggest club in the country.”
On Saturday afternoon, Fenerbahce posted song lyrics in Turkish which translate as "come with the day and night", alongside an hourglass emoji.
Ozil soon quote-tweeted with heart emojis in Fenerbahce's club colours along with an hourglass of his own.
The World Cup winner is expected to complete the move next week, with medical checks coming as soon as Sunday.