And according to recent reports by The Express, it is believed that the England global has rejected the new offer.
The 23-year-old has attracted interest from a number of Premier League clubs with The Sun reporting last week that Chelsea and Liverpool were battling it out over the England international's signature.
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Arsenal boast a stunning 17 additional players to their London counterparts and Chelsea's expediency in dispensing with players has left them in what appears to be a perilous position.
Ther versatile Oxlade-Chamberlain has excelled in a wing back role of late for Arsenal and would fit in perfectly to Conte's 3-4-3 system.
Oxlade-Chamberlain joined Arsenal from Southampton back in 2011 for a fee of £12m, since making 184 appearances for the Gunners.
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Liverpool are reportedly more open to that idea, but have not quite shown as much of an interest.
The blues manager Antonio Conte, who earlier this week was reassured that at least three more new players would arrive at Stamford Bridge before the transfer window closes, is understood to be desperate to signthe Arsenal midfielder. "He's had some small injuries but past year he was much more stable". Personally, I think he is a hugely talented player. "He is on the way up and he will continue to move up because that potential is there", Wenger said. Today he is conscious of his qualities.
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The mayor of NY wants to tax the city's wealthiest people to help fix its ailing subways. Subway power outages, long delays and even a derailed subway vehicle led New York Gov.