Alex Oxlade Chamberlain joined the Gunners from Southampton for a fee of £15 million in 2011 and has since earned himself a regular place in the England squad.
Chamberlain still has two more years left on his contract with Arsenal but has failed to get a look in recently at the expense of 19 year old Alex Iwobi and 23 year old Joel Campbell.
The midfielder has not featured in Arsenal matches as much as he would have liked to this season, and, with a guarantee of first team football, Chamberlain could be lured back to the South coast.
Reports suggest that Southampton are keen to offer him vice captaincy and the opportunity to become their highest paid player this season. But they need to make their move very soon if they want to sign him as Manchester City, West Ham and Chelsea are also interested in the 22 year old midfielder.
Arsene Wenger may be interested in taking offers for Chamberlain, due to his injury prone nature and inconsistency in performances.