Iwobi, 19, hit the headlines on Saturday after his impressive man of the match performance helped to inspire Arsenal to a 2-0 win at Everton in the Premier League at Goodison Park.
Rashford, 18, has risen to prominence at Manchester United in recent weeks after being drafted into the first-team by Louis van Gaal and announcing himself to Red Devils fans with four goals in two games last month.
However, The Sun reports that Iwobi currently earns £750 a week, half of Rashford’s reported wages of £1,500 a week.
The same newspaper report says that both players are set to be rewarded for their impressive form with new contracts from their clubs.
Arsenal are next in action when they host Watford in the Premier League after the international break on Saturday 2 April.
United, meanwhile, take on Everton the day after.
Get 8/1 enhanced odds on Tottenham to win or 11/1 enhanced odds on Liverpool to win at White Hart Lane on Saturday afternoon. Click here to sign up now. T&Cs apply.
MORE: Latest Man Utd news
MORE: Latest Arsenal news
MORE: The latest football news