The Gunners are desperate to keep Oxlade-Chamberlain, who will be out of contract next summer, but have struggled to meet his wage demands.
This development has alerted Chelsea, who are ready to take advantage of the situation. The Premier League champions are prepared to pay up to £35million to convince Arsenal into a sale.
However, the 24-year-old wants to double his current £65,000-a-week pay, which would see him become one of the highest-paid players at Stamford Bridge.
Blues boss Antonio Conte is in need of new signings, with Alvaro Morata, Tiemoue Bakayoko and Antonio Rudiger the only outfield players he has brought in so far this summer.
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