The midfielder failed to make the grade with the Gunners before heading back to his homeland to join Turkish giants Besiktas.
He has since flourished in Istanbul, playing a key role for his side while earning recognition at senior international level.
And now reports claim that Arsenal have had scouts assessing the 23-year-old in recent times ahead of a potential move to lure him back to north London.
Arsene Wenger has a host of midfield options, but with the likes of Mikel Arteta, Mathieu Flamini and Tomas Rosicky edging towards 2016 exits, a move for Ozyakup in either January or at the end of the season may be appealing.
Besiktas paid £350,000 for their man almost four years ago and would surely expect to make a significant profit on him.