“A return to Germany is not an option for me right now. I am really happy at Arsenal and I want this to continue,” Özil told the Express.
Özil has been linked with a move to Bayern Munich over the past few months.
The World Cup winner joined Arsenal in 2013 on a record breaking £42.5 million move from Real Madrid.
Arsenal were knocked out of the Champions League Last 16 on away goals despite winning the second leg against Monaco.
The Gunners have been eliminated at the Last 16 stage for the fifth season running now.
The North London based club lost the first-leg 3-1 at the Emirates but won the return game 2-0 in France.
The Gunners take on Newcastle United next in the Premier League. Arsenal are currently third in the league just one point behind second placed Manchester City.
Özil has scored three times and created four goals since returning to the starting team in January.