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Everton are set to lose Barkley this summer after the England international told manager Ronald Koeman he wanted to quit Goodison Park.
His choice to leave has sparked interest from a host of Premier League clubs, with Tottenham thought to be in pole position to sign him.
However, Koeman’s decision to publicly state Barkley’s intentions have reportedly seen the likes of Manchester United and Chelsea register an interest in a deal.
The 23-year-old himself is said to be open to a move to Old Trafford, though Jose Mourinho’s interest is not as strong as that of his Premier League rivals.
Oxlade-Chamberlain, meanwhile, could leave Arsenal with the club yet to tie him down to a new contract.
His current deal expires next summer and Liverpool and Chelsea are monitoring his situation with great interest.
And the Daily Mail say Arsenal will go in for Barkley should Oxlade-Chamberlain call time on his Gunners career.
Arsene Wenger’s side have already had a fruitful transfer window, snapping up Sead Kolasnic and Alexandre Lacazette.
But the Frenchman will know more reinforcements are needed if they are to win the title for the first time since 2004.
Barkley could fill the void left by Oxlade-Chamberlain’s departure – though is currently valued at a huge £50million.