Arsenal are ready to make Alexis Sanchez their highest paid player as part of widespread contract renewals that will see him overtake current top earner Mesut Özil.

Sanchez has found his form after a slow start to the 2015/16 season, with manager Arsene Wenger previously admitting that he may have rushed the Chile international back from his summer exploits at the Copa America and relied on him too much.

But seven goals in his last four matches – including a hat-trick against Leicester – has seen Sanchez hit top form for both club and country, and the Daily Mail reports that the Gunners are ready to reward Sanchez and secure him to a fresh long-term contract.

The 26-year-old forward currently earns £130,000-a-week at the Emirates, £10,000 less than Özil currently does, but the proposed new deal will take Sanchez past the club record wages.

However, it’s expected that Arsenal are also close to opening negotiations with the Germany international and the two could see their deals matched to avoid any trouble among the squad.

Alexis Sanchez scores penalty to win Copa America

Özil joined Arsenal from Real Madrid in the summer of 2013 with Sanchez arriving a season later from fellow Spaniard’s Barcelona, and both have contracts that run until July 2018, though Arsenal are eager to see those extended to 2020 should talks go smoothly.

Arsenal's best and worst players in September Show all 6 1 /6 Arsenal's best and worst players in September Arsenal's best and worst players in September GOOD: Alexis Sanchez Wenger admitted he was concerned about the form of Sanchez, fearing he may have brought the forward back into the fold too quickly following his exploits with Chile in the Copa America over the summer. However, a brilliant hat-trick against Leicester put such talk to bed and was one of the stand-out moments of September for Arsenal. GETTY IMAGES Arsenal's best and worst players in September GOOD: Theo Walcott Goals in four of the six games is a decent return from the England international and has reaffirmed Arsene Wenger's trust that he can play as the central striker. However, there's room for improvement from Walcott, with numerous decent chances going begging across the month. GETTY IMAGES Arsenal's best and worst players in September GOOD: Mathieu Flamini He only played two games during the month (and one of those was for just 21 minutes before he was taken off) but his contribution when he played the full 90 will live long in the memory of Arsenal fans. The French spoiler scored two goals against Tottenham in the Capital One Cup to earn his side victory, with the second an absolute peach of a finish. Arsenal's best and worst players in September BAD: David Ospina Wenger has persisted with his policy of using his back-up goalkeeper for cup matches this season. Considering Petr Cech's arrival was hailed as providing this Arsenal side with experience and know-how in the biggest games, it was perhaps a strange decision on the part of the Arsenal manager. Whilst Ospina played in the win over Spurs, when it came to the Champions League he played two, lost two and conceded five goals. His howler in the 3-2 defeat to Olympiakos could be the defining moment should Arsenal fail to progress from the group stage. GETTY IMAGES Arsenal's best and worst players in September BAD: Olivier Giroud Scored half the number of goals of Walcott, but most notably, was shown a red card in the Champions League defeat to Dinamo Zagreb. It came from two completely unnecessary bookings inside 40 minutes of the match and contributed to his team's loss. His subsequent suspension also meant Wenger was unable to call on the French striker when in need of a goal against Olympiakos. GETTY IMAGES Arsenal's best and worst players in September BAD: Aaron Ramsey Whilst Gabriel's stupidity in reacting to Diego Costa and getting sent off against Chelsea made him a contender to be among the worst Arsenal players of the month, Aaron Ramsey beats him to it for his lack of influence in midfield. Having started four of the Gunners' six games and come on a sub in another, the Welshman failed to provide a single goal or assist. Needs to be doing more. GETTY IMAGES

The pair will not be the only ones to agree extensions, as the Daily Mail go on to claim that an agreement is already in place with left-back Nacho Monreal that will see the Spain international put pen to paper on a three-year contract.