"He is one of the players the team has to be built around in the future".
The new deal on the table for Chamberlain is reportedly worth £180,000 per week which would make him the club's second-highest paid player.
Arsenal should "take the money" for want-away Alex Oxlade-Chamberlain as he clearly does not want to be at the club, says Charlie Nicholas.
Arsenal's controversial pursuit of then-Liverpool superstar Luis Suarez may mean that Liverpool could find negotiations for the Ox's signature are much more hard then those between the two London-based sides.More news: Iraqi army, allies liberate 90% of Tal Afar from Daesh
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When asked if a strong English presence is important to him at Chelsea, he replied: 'To have a core of English players, is important.
"He is today very conscious of his qualities as well, which he was not always, and I personally believe he will be a very great player".
Oxlade-Chamberlain, who can play on either flank as a wing-back in Arsenal 3-4-2-1 formation, has long expressed a desire to be used as a central-midfielder.
We spoke to PaddyPower about the situation and their spokesman Lee Price told us: "We're odds on that Sanchez and Ozil refuse to sign new contracts at Arsenal this window". See some of the best social media responses to the news below. Some people look better informed than I am!