GOAL - Ryan Benson
Ozil joined Arsenal from Real Madrid in 2013, and although he has been a key player for much of that time, he has also polarised opinion among the club's supporters due to a perceived lack of work ethic when the going gets tough.
After an underwhelming season under Unai Emery last term, media speculation had suggested Arsenal are willing to offload the 30-year-old in order to lighten their wage bill, but Fenerbahce insist rumours of a loan move are wide of the mark.
A statement from the Super Lig side read: "Mesut Ozil, with his career and standing, successfully represents our country abroad (Ozil is of Turkish ancestry). He is an important value known with the identity of Fenerbahce.
"However, Fenerbahce does not have a proposal for Mesut Ozil. Under the current economic conditions, such a step is not possible for both parties.
"Our president, Ali Koc, made statements on the subject in the WinWin program held on June 20 and emphasised that this could not be realised in the short term."
Ozil signed a new three-and-a-half-year contract in February last year, as the Gunners managed to prevent him leaving on a free transfer at the end of the 2017-18 campaign.
That was seen as a major coup, particularly given the departure of Alexis Sanchez to Manchester United in January 2018, but Ozil's form has not recovered as expected.
Following Emery's arrival, Ozil failed to consistently impress and he was left out of the team on numerous occasions, making only 20 Premier League starts in 2018-19.
Arsenal's next clash sees them take in a pre-season friendly with the Colorado Rapids next Tuesday before taking part in the International Champions Cup, the Emirates Cup and the Joan Gamper Cup in Barcelona ahead of the new Premier League season.
The Gunners start the 2019-20 English top flight campaign with a trip to Newcastle United on August 11, with Europa League commitments set to begin in mid-September.