Arsenal and Chelsea agree Alex Oxlade-Chamberlain fee
The 24-year old is with the England squad at St George's Park and Sky Sports News understands large parts of a medical could be carried out at England's training centre.
Oxlade-Chamberlain is out of contract at the end of the season, along with Arsenal team-mates Alexis Sanchez and Mesut Ozil.
As with Sanchez and Ozil, Arsenal boss Arsene Wenger has consistently said he wants Oxlade-Chamberlain to stay at the Emirates in the long-term.
We understand Oxlade-Chamberlain met with Wenger before their weekend trip to Liverpool to talk over his future, although he was named in the starting line-up for the 4-0 defeat at Anfield.
Oxlade-Chamberlain had also been mooted as a target for Liverpool but appears set to stay in London with the reigning Premier League champions.