Arsenal are ready to sell Oxlade-Chamberlain after he refused to sign an improved £180,000-a-week contract.
The Blues look set to beat Liverpool to the England international, although the Reds have themselves today confirmed the signing of Naby Keita for 2018.
Chelsea manager Antoni Conte has been adamant in recent days that his side will sign more players before Thursday’s transfer deadline.
Oxlade-Chamberlain was criticised for his performance for Arsenal in the 4-0 defeat at Liverpool yesterday.
Arsene Wenger had previously stressed the player would remain at Arsenal but the Gunners have decided to cash in, rather than lose him on a free transfer next summer.
Oxlade-Chamberlain is currently at St George’s Park training with the England squad.
Sky Sports claim he will undergo a large part of his medical at England’s training base.
Oxlade-Chamberlain joined Arsenal from Southampton in a £12million deal in 2011.
He made just 68 Premier League starts for Arsenal in his six years at the club, coming on off the bench 64 times.
Oxlade-Chamberlain had played in all four of Arsenal’s games this term but refused to pen a new deal.
His move could end Chelsea’s interest in Leicester midfielder Danny Drinkwater.