Oxlade-Chamberlain has scored 20 goals in 196 appearances for the Gunners since his debut back in 2011 but the 24-year-old has been heavily linked with a move to Stamford Bridge in recent months.
The England winger is in the final year of his contract at the Emirates, and is yet to sign a new contract, but looks set to extend his stay in north London following Arsenal’s latest offer.
According to the Daily Star, Arsenal have now offered Oxlade-Chamberlain a four-year deal worth £125,000-a-week to keep Chelsea at bay this summer.
The club are confident Oxlade-Chamberlain will agree to the bumper new deal despite the Englishman reportedly mulling over a switch across London.
Oxlade-Chamberlain has started Arsenal’s opening two Premier League games of the campaign versus Leicester and Stoke.
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Both Mesut Ozil and Alexis Sanchez are also out of contract next summer, with Chelsea also expressing a strong interest in the latter in recent months.