The 28 year-old, who came close to sealing a £60m deadline day move to the Etihad is starting to pick up form for Arsenal, which is ideal news for the club if they decide to part with him in January.
Miguel Delaney of The Independent claims that sources within City feel that with the addition of Alexis, the Blues can push for a Premier League and Champions League double this season, explaining the urgency to bring in the 28-year-old.
"Yes of course [they will stay beyond January]", said Wenger.
"They had to play 46 games in the Championship and have proven they are ready for a fight". If it is my decision, then yes.
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A transfer still seems the more likely outcome at this stage, but there's plenty of time left to change that. "I rule it out [them leaving in January]". I don't think every day about that.
And despite a reluctance to strengthen the squad of their title rivals, Arsenal believe accepting a hefty transfer fee will benefit the club in the long run and are willing to accept City's bid.
Ozil presently earns a salary package of around £140,000-a-week, and any potential extension would see him command a significant wage rise on top of a huge signing-on bonus.
City, however, are aware of the need to table a sizeable offer, potentially in the £50m region, for the forward and are reportedly prepared to do so, despite the fact they could sign the former Barcelona and Udinese player for free at the end of the season.