Liverpool have been handed a boost in their ongoing efforts to sign Alex Oxlade-Chamberlain as Arsenal are ready to sell their star player for £40m ($50.5m) plus £1 before the end of the summer transfer window.

The England international is in his final year of contract at the Emirates and has not yet committed his future to the Gunners by signing a new deal. He is currently on £65,000-per-week ($83,000 per week) at Arsenal and has already rejected a final contract offer worth £180,000 per week ($230,000 per week).

Oxlade-Chamberlin's impressive display in the second half of last season has seen him attract interest from Chelsea. According to the Sun, Liverpool are ahead of the English champions and are leading the race for his signature.

Earlier in 2013, Liverpool rejected Arsenal's £40m plus £1 pound bid for Luis Suarez. The Uruguayan international left Anfield and completed a switch to Barcelona a year later. The north London club are demanding a similar fee from Liverpool for Oxlade-Chamberlin in the final days of the transfer window.

The former Southampton man had earlier agreed to sign a new deal. However, he has joined Mesut Ozil and Alexis Sanchez as the star players who are yet to commit their future to Arsene Wenger's side.

Arsenal believe that his representatives have been difficult to work with and the constant advice received could be the reason behind his decision to leave the Emirates outfit. With strong interest from Antonio Conte's side and Liverpool, Wenger refused to confirm that Oxlade-Chamberlin will be at the club following his side's 4-0 humiliating defeat against Jurgen Klopp's team on 27 August.

"That's not the kind of question I can answer after a game like that," the Evening Standard quoted Wenger as saying, when asked about Oxlade-Chamberlain's future.

"I think we are focused on the game, what will happen on the transfer market in the next three to four days I don't know."

Alex Oxlade-Chamberlain
Alex Oxlade-Chamberlain is a reportedly wanted by Liverpool and Chelsea Getty