Liverpool aren't paying his wages. 350k? Even if he took a steep cut, that's pretty much up there with their top earners (more than it probably).
Yes, he might be able to do what they want for a possession team, but at 31, does he really fit what they're trying to do? I don't think his off the ball movement and his work rate is what Pep wants, but who knows. I do know that he has a hard time getting into the side. Honestly, they have enough attacking players, they need players who can fit further back. Fernandinho getting hurt kills them. I don't think they have any desire to force fit Ozil in there, and pay a fee.
Once again, if Arsenal are willing to eat his cost (I doubt it, they can't get really anyone who has his name recognition) and he's willing to eat a chunk of his salary, and sit the bench more times than not, I guess someone would be in line for it.
But I don't think that's likely. On any part.