That's according to Sami Mokbel of the Daily Mail, who has reported the Gunners have turned down the initial approach from the Blues. However, Chelsea look unlikely to be put off in their pursuit of the England international.
"Chelsea will now intensify their efforts to lure him as they look to fulfil Antonio Conte's desire to strengthen the squad before the transfer deadline," Mokbel added. "… The versatile Oxlade-Chamberlain has excelled in a wing-back role of late for Arsenal and would fit in perfectly to Conte's 3-4-3 system."
Mokbel noted that Oxlade-Chamberlain has less than a year left to run on his current contract at the Emirates Stadium, meaning Arsenal find themselves in a "dilemma."
While the north London side wouldn't want to lose the player for nothing at the end of the campaign, they also won't want to see him move on to a direct rival in the current window. It's easy to see the England man potentially performing well at Stamford Bridge.
As noted by journalist Chris Moore, throughout his time at Arsenal, Oxlade-Chamberlain has struggled to find much consistency:
A move might be what he needs to get that regularity in his play. After all, under Arsene Wenger he's been drafted in and out of the team, not to mention deployed in a variety of different positions.
Conte will feel as though he can finally bring the best out of a player who has so often flattered to deceive.
Joao Cancelo Linked
According to Sky Sports News, Chelsea are considering a move for Valencia right-back Joao Cancelo.
It's suggested in the report the Blues have been keeping tabs on the Portugal man for a while: "The Premier League champions scouted the right-back extensively when he was playing for Portugal at the European U21 championships this summer and watched him again pre-season."
Cancelo arrived at Valencia in 2015 on a permanent deal after a successful loan spell from Benfica. Here's a look at what he can offer:
The 23-year-old has played as a right-back and on the right of midfield for Los Che at times. You sense he is a player being targeted with a view to providing competition to Victor Moses in the right wing-back position.
Per WhoScored.com, Cancelo loves to commit opponents:
While there are raw facets to his game, Cancelo is an impressive player when he's at full flight. His dribbling is tight, he raids forward with regularity and when he gets into dangerous areas he often picks the right pass.
Factor in his defensive appetite and versatility, it's easy to see why a manager like Conte would be keen to get him in. With Valencia toiling in recent seasons, Cancelo may also feel as though the time is right for him to embark on a new challenge.