Oxlade-Chamberlain is set to sign a five-year contract today after snubbing champions Chelsea in favour of a move to Anfield.
And having set up that signing, the Reds are continuing to hold talks with Monaco in an attempt to clinch a £75m deadline deal for French forward Lemar.
Oxlade-Chamberlain, 24, was having a Liverpool medical last night at St George’s Park, where he has been with the England squad preparing for tomorrow’s World Cup qualifier in Malta.
Liverpool made their move for the midfielder after he turned down the chance to join Chelsea on Tuesday.
The Premier League champions had agreed a £40m fee with Arsenal, but the player insisted he was not interested, fearing that Blues boss Antonio Conte wanted him to play at wing-back.
Oxlade-Chamberlain has made clear he would rather play in central midfield, and the boyhood Liverpool fan believes that he will get that chance under Jurgen Klopp.
The deal with the Reds means that Arsenal will get a sizeable fee for a player who had one year left on his contract at the Emirates Stadium, and had refused to sign an extension.
Anfield officials have been busy in the final days of the transfer window, having agreed on Tuesday to play RB Leipzig £55m for midfielder Naby Keita – who will move to Merseyside next summer.
They have not given up on bringing in Virgil van Dijk either, although Southampton are determined to keep the £70m-rated defender, who is under contract until 2022.
Klopp signed Mohamed Salah from Roma, Dominic Solanke from Chelsea and full-back Andrew Robertson from Hull last month, but there had been increasing fears among the Anfield support over the club’s relative lack of transfer activity this summer.
Oxlade-Chamberlain’s arrival will not totally ease those worries, as Liverpool have been keen all summer to sign a top-class centre-half.
Van Dijk fits that bill, and has made clear that he is desperate to move to Anfield, but it would need a major shift in Southampton’s stance for a deal to happen before the 11pm deadline.
Meanwhile, Liverpool striker Divock Origi could join German club Wolfsburg on a season’s loan later today.
The Belgium international had looked set to be offered to Monaco as part of a deal for Lemar, with Newcastle also interested but a move to the Bundesliga is now more likely.
Origi, 22, believes his chances of first-team football at Anfield will be limited this season, and is keen to play regularly to boost his chances of a spot at the World Cup next summer.
