The former Southampton and Liverpool star was tipped to leave Anfield this summer after making just 17 starts across all competitions last season.
However, any thoughts of a move elsewhere could be scuppered by the departure of Reds team-mate Takumi Minamino.
The Japan international has struggled to maintain a regular place in Jurgen Klopp’s starting eleven with the form of the likes of Sadio Mane, Mo Salah and Roberto Firmino restricting him to the role of a bit-part player.
The arrival of Luis Diaz and Darwin Nunez has further restricted his hopes of forcing his way into Klopp’s thinking and an end to his two and a half-year stay at Anfield looks close.
The Mirror have reported Serie A club Atalanta and French side Lyon have both shown an interest in Minamino - but it is Monaco that are ready to broker a deal for the 27-year-old forward.
The report suggests Monaco are willing to offer around £17million in a move that would see Liverpool make a tidy profit of around £10million on the Japan star.
However, Minamino’s exit could delivered a severe blow to Oxlade-Chamberlain’s hopes of securing regular first-team football elsewhere.
The England international joined the Reds in a £35million deal in five years ago but a series of injuries hampered his hopes of making a real impact.
Oxlade-Chamberlain did impress Jurgen Klopp midway through last season when Naby Kieta was on African Cup of Nations duty with Guinea and a number of Covid cases limited midfield options in the Reds squad.
Speaking ahead of a meeting with Tottenham Hotspur, he said: “It’s just good. It’s pretty much the best Oxlade since I was here. I know he’s had spectacular moments, but it’s a completely new quality.
Like calming the game down, being able to know when to sprint with the ball, or shoot and the stuff like that.
“But really being involved in everything on the pitch, it’s a massive step. Yeah, I’m really happy with Oxlade at the moment and hopefully it continues.”
Despite that praise, Oxlade-Chamberlain made his final Premier League appearance of the season in a 3-1 home win against Norwich in mid-February and failed to play one minute of league action during the remainder of the campaign.
Reds legend Steven Gerrard was reportedly keen to take the attacking midfielder to Aston Villa and there was further speculation Manchester United and West Ham were ready to launch a bid for his services.
But Reds boss Klopp now seems ready to hand Oxlade-Chamberlain a chance to impress in his squad next season as Minamino prepares to depart over the coming weeks.