Arsenal Transfer News: Alex Oxlade-Chamberlain Turns Down Contract Offer

Alex Oxlade-Chamberlain has reportedly turned down Arsenal's huge £180,000-per-week contract offer, as he's determined to leave the club. 

According to Sky Sports News, the Gunners will now decide on whether to let him leave before the end of the transfer window or keep him for one more season, until his current contract expires. Liverpool and Chelsea are said to be interested in making a late bid.

Turning down such a generous offer would be a big statement from the England international, who has been among Arsenal's top prospects for years but has never fully lived up to the potential. Now 24 years old, he's yet to score more than two goals in a single Premier League season, per WhoScored.com. 

Manager Arsene Wenger has used the speedster as a wing-back of late, and that role reportedly does not sit well with Oxlade-Chamberlain. 

As a homegrown player, he could be a major asset for the likes of Chelsea and Liverpool. The Blues in particular haven't brought in as many players as their fans would have liked this summer and may boost their squad with a late move.

Wenger could opt to keep the former Southampton man around for now, however, knowing the lost funds would be more than made up if Oxlade-Chamberlain helps secure UEFA Champions League football next season.