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The Gunners are hard at work looking to bolster their squad as they aim to secure a Champions League return for the 2018/19 campaign.
And Arsene Wenger has already splashed out a club-record £45m fee to bring in striking sensation Alexandre Lacazette from Lyon.
Arsenal are said to be chasing Monaco flier Kylian Mbappe too, with Marca claiming a bid of more than £123m was lodged earlier this summer.
However, it seems the next Emirates arrival could be a combative midfielder if London rivals Chelsea are interested in a swap deal.
According to transfer guru Gianluca Di Marzio, Arsenal have been in touch with the Blues.
And Wenger is apparently offering to give them Oxlade-Chamberlain in exchange for Matic.
Both players have been linked with moves since the end of last season.
And Antonio Conte was thought to have his eye on Oxlade-Chamberlain, who’s out of contract next June, anyway.
Arsenal’s supposed keenness to secure Matic’s services comes as something of a shock though.
Wenger already has defensive midfielders Francis Coquelin, Mohamed Elneny and Granit Xhaka at his disposal.
And a move to join Manchester United, Juventus or Inter Milan has been widely touted for Matic.