Alex Oxlade-Chamberlain is set to join Liverpool (Picture: Getty)

Liverpool have agreed a £40million deal with Arsenal to sign Alex Oxlade-Chamberlain.

The England international turned down a move to Stamford Bridge in the hope that Liverpool would enter the race for the 24-year-old.

Arsenal had agreed a £40m deal with the Blues and Liverpool have matched that offer, according to the BBC.

The winger will undergo medical at England’s St George’s Park training base tonight ahead of signing on the dotted line for the Reds.

Oxlade-Chamberlain is out of contract at the end of the season.

Oxalde-Chamberlain’s move is likely to end Liverpool’s interest in Monaco winger Thomas Lemar, who could now stay with the Ligue 1 champions.

The winger’s sports company appeared to confirm his move to Liverpool before hastily deleting their tweet.

Arsenal are trying to fend off interest for Alexis Sanchez but Manchester City are hopeful of landing him on a £70m deal with just over 24 hours to run in the transfer window.

The Gunners will hold out for Raheem Sterling in return but City’s offer could prove too tempting to turn down.

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