Ozil announced his retirement from international football in July, citing reasons of discrimination from the German Football Federation (DFB).
The Gunners midfielder was part of Germany's group-stage exit at the 2018 World Cup, and Low says the player himself closed the door on a return.
"In my view, Mesut Ozil has clearly declared his retirement and closed the door by himself with that, so a comeback is not a topic," Low told Sport Bild.
"Mesut did not call me, not to this very day," he said.
"I tried to reach him several times in the past two weeks, via text message, via phone. Mesut has decided to take this path. I must accept it.
"Ozil has been my player for nine years. We've experienced a lot together. A few lows, but more highs. We've won the World Cup. This will still stay forever.
"I am still of the opinion that he was one of the best players we had in Germany in the last 20, 30 years. One day, we'll have a conversation. I would have wished for him to inform me personally, and I was disappointed at first."