These bids for Belotti/interest in Reus seems like smoke to get Sanchez and Ozil to put pen to paper. Especially because at their age the club would likely consider cashing in.
He's basically got five months remaining, though I cannot see him walking away. The club, and his agent are likely waiting for the side to put a good bunch of form together/do something in the cups. There has been little noise about a new manager, other than Allegri (which he denies), and doubt the fanbase would respond well to another last 16 exit to Munich, a capitulation in the league and FA cup, and then Wenger getting a new deal regardless.
Unfortunately for the club Arsenal has a difficult 'home stretch' in the league, with more away games than most teams, and a congested set of fixtures around the Bayern Munich games. Unless the side changes its current lethargic style, pressure on Wenger will mount. The FA cup may be the 'release valve', yet there are plenty of good sides left in it and without playing well pretty much all season, you do hope something 'clicks' soon.