Alex Oxlade-Chamberlain has rejected a final contract offer from Arsenal, according to reports.
The 23-year-old still has a year to run on his current deal but Arsenal would have to sell him this summer or would risk losing him for nothing in a year.
Oxlade-Chamberlain signed for Arsenal in 2011 as a 17-year-old but has failed to become a first choice member of the squad.
Last season’s change of formation saw him earn a place at right wing-back ahead of Héctor Bellerín but that now appears to have been a case of too little too late.
A move to Liverpool seems on the cards, with Jürgen Klopp reportedly an admirer of the versatile midfielder. Oxlade-Chamberlain himself will seek assurances of first team football before making a decision.
A transfer this summer would still require Liverpool to find an agreement with Arsenal. The Gunners reportedly want at least £25m for the England international.
With the futures of Alexis Sánchez and Mesut Özil both up in the air, it remains to be seen if Arsenal would risk losing all three in one summer.
The contracts of all three players expire in 2018. Arsenal have made moves to ensure this never happens again, bringing in legal expert Huss Fahmy, formerly of Team Sky, to deal with new contracts.