Oxlade-Chamberlain is in the final 12 months of his Arsenal contract and has so far refused to sign a deal.
Arsenal boss Arsene Wenger has repeatedly stated his desire to keep hold of Oxlade-Chamberlain and convince him to commit his future.
Talks were held between Oxlade-Chamberlain and the club during the week in an attempt to finally reach an agreement.
But Liverpool and Chelsea have been monitoring the situation closely and are ready to take advantage.
And The Mirror say Arsenal are ready to sell Oxlade-Chamberlain if they receive an offer over £35million.
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It is claimed Oxlade-Chamberlain’s team mates believe the England international is more likely to move to Anfield over Stamford Bridge.
Arsenal face Liverpool on Sunday afternoon but Oxlade-Chamberlain could be left out of the squad in light of his circumstances.
Oxlade-Chamberlain has been used at right and left wing-back this season by Wenger but believes his future lies in central midfield.
And Wenger hopes the 24-year-old could be the centrepiece of his team.
“In all the conversations that I have had, I say that I want him to stay and be one of the big players of the future of this club,” Wenger said.
“He is one of the players this team has to be built around in the future. Personally, I want him to commit to the club and be one of the carriers of the values of our team.
“I want to keep my best players. I only have one target – to keep everybody on board. I think we invested a lot of time, confidence and money on players like Alex Oxlade-Chamberlain, who we bought at a young age.
“For me, they have a responsibility for the future of this club because Alex Oxlade-Chamberlain will be one of the big English players in the coming years. I, personally, am highly determined to keep him here at the club and I hope he will commit.”