Theo Walcott and Alex Oxlade-Chamberlain
Chelsea want Arsenal to part with either Theo Walcott or Alex Oxlade-Chamberlain if they want to sign Petr Cech in the summerGetty

Chelsea have reportedly told Arsenal that they will have to part with one of Theo Walcott or Alex Oxlade-Chamberlain if they want to sign Petr Cech in the summer.

According to the Telegraph, the Blues will not let the keeper join a direct Premier League rival unless they part with one of their star players, despite the player's agent making it clear that Cech is open to joining the Gunners in the summer.

The Czech Republic international has made it clear that he wants to leave Stamford Bridge in the summer, as he does not want to spend another season on the bench as a backup for Thibaut Courtois.

However, Chelsea are reluctant to sell him to a direct rival after his agent admitted that his client would like to join Arsenal, Manchester United or Paris Saint-Germain in the summer.

Jose Mourinho has admitted that the possibility of Cech joining one of their direct rivals is out of his hands, but a source close to the club has admitted that they are looking for a swap deal if the Gunners want to sign the wantaway goalkeeper.

"Arsene Wenger wants a top keeper from us. Well, in exchange we want Walcott or Oxlade-Chamberlain. They may not be in the Arsenal team but we are convinced Jose Mourinho could make them into top players again," the source said, as quoted by the Telegraph.

The French manager will never let Walcott or Oxlade-Chamberlain join a direct rival and has already denied interest in signing the Czech stopper at the moment.

The reigning FA Cup champions have already seen plenty of their players join their rivals in the Premier League in recent seasons and the manager has made it clear that Arsenal do not have to sell their best players in order to raise funds for incoming transfers.

The former Southampton duo are both under contract at the club, but Walcott is entering the final year of his deal and has revealed that he will take stock of his future at the end of the current campaign.

Wenger has made it clear that he wants the Three Lions forward to stay as he believes that he is entering the 'golden years' of his career.