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Published 09:40 29 Dec 2016 GMT
Updated 09:58 29 Dec 2016 GMT
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Whether the England international would get more playing time at Anfield is doubtful. But, according to The Guardian, Liverpool have a real interest in signing him in January.
Oxlade-Chamberlain would be available for a reduced price as he's in the final stages of his contract. Liverpool and Jurgen Klopp also reportedly feel confident they could tempt him to leave the Emirates.
However, there are two pretty big hurdles for the deal.
Firstly, Liverpool and Arsenal are direct title rivals this season. The Gunners would understandably be wary of improving their rival's squad by allowing Oxlade-Chamberlain leave.
Secondly, there remains a sour taste between the club's respective boardrooms over the transfer wrangle for Luis Suarez back in 2013.
The Uruguayan's buy-out clause was £40m. Arsenal bid £40m and £1, which didn't go down well at Anfield. The club rejected the bid and Suarez joined Barcelona a year later for £65m.
Liverpool have also taken measures to prevent Arsenal signing any of their players. It was revealed earlier this month that Roberto Firmino has a buy-out clause worth €98m, which can be triggered by any club except Arsenal.
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