Both Sanchez and Ozil are out of contract at the end of next season – with talks yet to formally open this summer over a new deal for the pair.
The duo are set to buddy-up to force Gunners boss to splash £700,000-a-week on the superstars – with both the Chilean and German currently paid £140,000-a-week each.
Bayern Munich and Manchester City are keen to sign Sanchez, although he is eager to see out his contract, while Ozil hasn’t got any concrete suitors.
Ex-centre back Keown has told Arsene Wenger, who signed a new two-year deal at the club today, to cut his aces loose after a disappointing season.
“If they have to say cheerio to those two players, then that is the right decision,” Keown told BBC Radio 5 live.
“They have been overindulged at times this season and they let Arsenal down in the period when they lost twice to Bayern Munich, conceding 10 goals. That is the level of the problem.
“The manager needs to make some really tough decisions now. Sanchez’s contract needs to get 100% secured. Is that going to happen? Will Ozil leave?
“I am sure both players want to go elsewhere because they want to win the Champions League, win the Premier League and maybe they do not feel it can be done at Arsenal. The club is bigger than two individuals.”