The England international has grown frustrated at the Emirates with the north London outfit failing to secure his services on a longer – and more lucrative – deal.
While Premier League champions Chelsea and Manchester City have expressed interest in the 23-year-old, the Independent say Oxlade-Chamberlain will likely join Jurgen Klopp’s Liverpool this summer.
Klopp is a known admirer of the versatile midfielder and hopes to bolster his squad with at least three more signings following confirmation of the club’s move for Egypt international Mohamed Salah.
The Gunners have come around to the idea of selling Oxlade-Chamberlain amidst a growing pressure to cut their wage bill – new Premier League rules state that clubs’ salary expenditure should not be more than £7m than it was last year.