Report: Chelsea nears £35M Oxlade-Chamberlain move

Chelsea has reportedly initiated negotiations with rival Arsenal over the services of Alex Oxlade-Chamberlain.

With just a year left on his current deal, Oxlade-Chamberlain is said to have rejected multiple offers from the north London lot, and the Evening Standard's James Olley reports that Chelsea is growing increasingly confident of luring the 23-year-old to Stamford Bridge.

Following the sale of Nemanja Matic to Manchester United and the erratic performances of right wing-back Victor Moses, the Blues could afford an adaptable addition in the mould of Oxlade-Chamberlain, with Olley adding that the two sides are in negotiations over a £35-million offer.

Arsenal boss Arsene Wenger has sung the praises of the versatile English international, saying he has the potential to be a "very great player," though it's understood that Chamberlain prefers to play a central midfield role going forward and not at one of the wing-back spots he's played of late.

While a sale to a direct rival seems impracticable, Arsenal is hampered by a number of contracts set to lapse next summer, including Oxlade-Chamberlain and star attack duo Alexis Sanchez and Mesut Ozil. Wenger has conceded that he is focused on a slew of summer sales and trimming the squad, but with just Wojciech Szczesny's £14-million move to Juventus sorted, the window to do so is rapidly closing.

As a result, Wenger and Co. are faced with a dilemma: sell The Ox now to an adversary, or risk losing him for naught next summer.