The Gunners duo continue to run down their respective contracts at Emirates Stadium, with both having entered the final 12 months of their current terms.
Sanchez was blocked from leaving over the summer, with a £60 million offer from City on the table, while Ozil has sparked talk of a possible January switch to Old Trafford.
Kolasinac admits that Arsenal are still hoping to see both key forwards extend their time in north London, but the versatile 24-year-old also insists that long-running sagas are not proving to be a distraction for those in Arsene Wenger’s squad.
The Bosnia-Herzegovina international said in the Evening Standard: “Of course, we would be happy to keep them, but I think it is important not to talk about the contracts.
“Mesut and Alexis are two players who always give their all and it is not an issue.
“It is not a problem around the team. It gives the team security knowing we have players like them, knowing they can make the difference.”
Amid the uncertainty surrounding their future, Ozil and Sanchez are yet to make the expected impact for Arsenal this season – with both having spent time out of the side.
Kolasinac, in contrast, has been a revelation since his arrival on a free transfer at the end of his contract at Schalke.
He is nursing a hip complaint at present, but admits that he has started well in England and that there is the promise of even more to come.
Kolasinac, who already has two goals to his name, added: “The season is young, but I am happy with how I’ve started.
“But I have got more potential to get better and I want to show that in the coming games.”
Kolasinac has helped Arsenal to piece together a seven-match unbeaten run in all competitions, with it the intention of Wenger’s side to stretch that sequence away at Watford on Saturday.