According to Neil Fissler of the Sunday Express, the Gunners have slapped a massive valuation on the player as they seek to fend off potential buyers. Reds boss Jurgen Klopp isn't said to be deterred, though.
It would be a remarkable sum of money to pay for a footballer who has just one year remaining on his contract. The Gunners are said to be keen to open talks over a new deal for the 23-year-old.
"Arsenal have held initial discussions with Oxlade-Chamberlain's representatives, who were hoping that they weren’t going to wait this long to get around the table," Fissler wrote. "The Gunners are ready to offer him a bumper rise to ignore the interest from Anfield and remain with the FA Cup winners in north London."
As noted by Jonathan Northcroft of the Sunday Times, the midfielder seems to tick a lot of boxes for what Klopp looks for in a player:
At this stage of his career, the England international could benefit from a move away from the Emirates Stadium.
Since arriving at Arsenal in 2011, he's been utilised in many different positions. Last season, he ended up operating in an unfamiliar wing-back role. Thanks to his pace and energy, though, Oxlade-Chamberlain did a fine job.
Per Chris Moore of World Soccer Talk, the former Southampton man did well with the minutes he was given during 2016-17:
However, he will be keen for some consistency in terms of his role, something he's never had at Arsenal. Per Fissler, Oxlade-Chamberlain has made it clear in the past he wants to play in central midfield.
Liverpool could offer him more chances in that berth. Even so, it's tough to envisage the Merseyside club spending quite so much on a player who has frequently struggled with injuries and has such a short amount of time left on his contract.
Dusan Tadic Linked
According to Duncan Castles of the Sunday Times, Liverpool are interested in signing Southampton midfielder Dusan Tadic for a cut-price £13 million fee.
"According to a source close to the player, Tadic would welcome the move," it's noted. "Tadic, Ronald Koeman's first signing as Southampton manager three summers ago, is said to have grown disillusioned with the management of Claude Puel last season."
The Serb has been impressive for Saints during his time at the club, showcasing tremendous versatility and an excellent passing range with his delightful left foot. But he has struggled for consistency.
Southampton writer Chris Rann doesn't feel as though there would be too much disappointment if the club were to cash in on the playmaker:
Liverpool have done plenty of business with Southampton down the years, although the relationship between the two clubs became strained recently. The Reds released a statement on Wednesday to apologise to Saints for their pursuit of Virgil van Dijk.
Tadic would add something new to the Liverpool team if he were to join, and his signing would represent value for money at the reported fee. However, he'd struggle to get regular minutes at Anfield, with the likes of Philippe Coutinho, Roberto Firmino, Adam Lallana and Sadio Mane vying for similar positions.