The playmaker, who played for Los Blancos between 2010 and 2013, has hinted he would be open to rejoining the Spanish giants, with his Arsenal contract set to expire in 2018
Arsenal star Mesut Ozil has refused to rule out a return to Real Madrid amid speculation about his future at the Emirates Stadium.
The Germany international left Madrid for Arsenal in 2013 and has since developed into a key figure for the Premier League side.
His contract with Arsenal is due to expire in June 2018, though, and talks over a renewal have not borne fruit, fuelling speculation he could be on the move.
"A return to Madrid? I am very happy to be playing for a big club like Arsenal, who have some amazing fans who show me a lot of affection," Ozil told Marca.
"I am enjoying myself in London, but you never know in football… We will see what happens.
"Madrid are a huge club and I played with some fantastic players there. And the Madrid fans are very loyal and still cheer me on. Many of them keep sending me messages asking me to come back.
"I have nothing but fond memories of my time at Madrid. I had three great years there.”
A return to the Santiago Bernabeu would see the 28-year-old team up with his hero Zinedine Zidane.
"Zidane used to be my idol. I always watched him play when I was a kid and I wanted to be like him," Ozil added.
"We play in the same position and he was a point of reference growing up. I was very nervous when I first met him.
"I think he is a great coach. He won the Champions League in his first season, it does not get any bigger than that. I am happy for him because he is a great person and I always believed in him as a coach."