The England international is set to hold talks with Gunners chiefs today over his future.
And Starsport understand he will refuse to sign a new contract at the Emirates with Chelsea and Liverpool interested in his signature.
The Blues look the most likely to bring in the 24-year-old as Antonio Conte looks to strengthen.
Betway’s Alan Alger explained: “The Alex Oxlade-Chamberlain saga continues to rumble on and with the Arsenal midfielder set to turn down a new contract, the Chelsea rumours just refuse to go away.
“Antonio Conte is pushing hard to sign the England international and we now make him 2/1 from 7/2 to move across London before the window slams shut.
“The Gunners have drifted from 4/9 to 8/13 to keep hold of the Ox, whilst Liverpool remain in the running at 4/1.”
Oxlade-Chamberlain has started Arsenal’s two Premier League matches this season in a wing-back role.
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The Gunners started with a 4-3 win over Leicester before losing 1-0 to Stoke last weekend.
Chelsea are short in midfield after selling Nemanja Matic to Manchester United.
Eden Hazard is also still recovering from ankle surgery he underwent over the summer break.
The Blues face Everton at Stamford Bridge at 1.30pm on Sunday.
