Ozil has barely featured for the Gunners since the beginning of December and was left out of Saturday’s 18-man squad for the defeat at West Ham.
Emery is eager to move the 30-year-old on because he does not suit Arsenal’s new high-pressing system.
According to TuttoMercatoWeb, Emery got in touch with Juventus and Inter Milan about taking Ozil off his hands.
But the Italian publication claims the Serie A clubs have little interest in signing the German because of his sky-high wages.
Emery reportedly wants to sign Belgian attacker Yannick Carrasco as a direct replacement.
The Arsenal head coach admitted last week he can only afford loan signings due to financial restrictions.
Carrasco’s salary – worth £9.8m (€11m) per season – currently puts him out of the Gunners’ reach.
TuttoMercatoWeb claim, however, that moving on Ozil – even temporarily – would free up room in the budget to nab the Dalian Yifang ace.
Former Liverpool and Tottenham midfielder Jamie Redknapp believes it would be foolish of Emery to ditch Ozil.
“Unai Emery may have his issues with Mesut Ozil,” he told the Daily Mail.
“But without him, who supplies the creativity in this Arsenal team?
“Looking at both matchday squads on Saturday, there was little to separate Arsenal and West Ham.
“Until Aaron Ramsey — a player whose days are numbered at the club — came off the bench, Arsenal lacked a creative spark.
“This defeat came after a week in which Emery admitted he can only bring in players on loan.
“If Arsenal are not going to invest, they simply cannot afford to leave out Ozil.
“Emery wants him to work harder without the ball, but in Ozil’s absence Arsenal looked toothless in possession.”