Liverpool are not out of the race to land Chelsea target Alex Oxlade-Chamberlain

Oxlade-Chamberlain is set to leave Arsenal before the end of the summer transfer window after snubbing a new contract at the Emirates.

Starsport understand that Chelsea have agreed a £40m deal for the England ace and are set to hand him a five-year deal worth £220,000-a-week.

Sky Sports reported Kaveh Solhekol says Chelsea are currently discussing personal terms with the 24-year-old’s advisors.

But Solhekol adds that Liverpool are still in the running to land him.

He said: “Yesterday we told you a fee had been agreed with Chelsea and Liverpool are not out of this yet.

“Arsenal are letting him go because he has just a year left on his contract and he has refused to sign a new deal.

“Chelsea are willing to pay £35m and now Liverpool have to decide whether they want to match that fee.

“Now in the meantime, Chelsea are discussing personal terms with Oxlade-Chamberlain’s advisors.

Liverpool boss Jurgen Klopp remains keen on Arsenal star Alex Oxlade-Chamberlain

“He’s with the England squad at the moment, they are playing in Malta on Friday. He’s expected to stay behind to sort out his future away from Arsenal.”

Starsport understand that Liverpool have cooled their interest in Oxlade-Chamberlain and are prioritising a move for Monaco’s Thomas Lemar.

The French side have been reluctant to entertain offers for Lemar this summer following Arsenal’s long-running pursuit of the 21-year-old.

Should Liverpool fail to reach a breakthrough with Monaco soon, they could launch a quick-fire bid for Oxlade-Chamberlain and stun Chelsea.