Arsene Wenger is looking to clear up uncertainty over Oxlade-Chamberlain's future and is determined not to let him leave on a free next summer.
Talks between the club and player are to take place before the end of the week and discussions could prove pivotal over the 24-year-old's future.
Oxlade-Chamberlain has started both of Arsenal's Premier League games so far this season, adapting well to his new wing-back role.
Chelsea are one team who will be very interested in the outcome of the talks, after seeing a £25m offer firmly rejected by the Gunners.