Chelsea have stepped up their interest in the England international over the past week. Arsenal are aware of Chelsea’s interest and have rebuffed initial overtures.
Chelsea will now intensify their efforts to lure him as they look to fulfil Antonio Conte’s desire to strengthen the squad before the transfer deadline.
Oxlade-Chamberlain has one year left on his deal meaning he can leave for nothing at the end of the season.
Arsenal are keen to keep him beyond his existing deal, but have left themselves exposed with regards to his contract.
It leaves Arsenal facing the dilemma of losing him for nothing or listening to offers.