Chelsea have made a £25million move to sign Alex Oxlade-Chamberlain, according to reports.
So with the Daily Star reporting that Chelsea have raised their transfer bid for the Oz from £25 million to £35 million and considering that he also has just a year of his current contract left, can Arsenal really afford to dig our heels in on this one?
However, it looks as though Liverpool could be beaten to the punch as the Daily Star claim that after seeing their initial £25m bid rejected by Arsenal, Chelsea have now tabled an improved £35m offer for The Ox.
With Wenger still not quite convinced of his ability in midfield, Oxlade-Chamberlain has become a bit of a utility player for Arsenal, with the England global impressing of late in a wing-back position, be that down the right or the left.
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Oxlade-Chamberlain is one of the Italian's top targets and he is now poised to test Arsenal's resolve to hang onto him.
The newspaper says that Oxlade-Chamberlain is also keen on the idea of playing for Chelsea as they are able to offer him Champions League football as well as meet his £120,000-a-week wage demands.
Speaking ahead of Arsenal's first game of the new season against Leicester City, Wenger said of Oxlade-Chamberlain: 'I think in his career he had some bad moments because he had some small injuries. He will continute to move up beecause the potential is there.
"He is today very conscious of his qualities as well, which he was not always, and I personally believe he will be a very great player".