Arsenal have rebuffed an offer from Chelsea for the transfer of Alex Oxlade-Chamberlain to Stamford Bridge in a part deal for Petr Cech, according to the Daily Mirror.
Jose Mourinho had warned Arsene Wenger in an interview earlier in June, that a move for Cech would instigate a bid from the Portuguese manager for one of Arsenal's players. Chamberlain has been a bit part player in the recently concluded season, owing much to a series of injuries which kept him out.
However, the player came on as a substitute in the Gunners' 4-0 win over Aston Villa in the final of the FA Cup, providing an assist for Olivier Giroud in the dying minutes.
The 21-year-old has the potential to bloom into one of the greatest players in the England arena, a potential which is also acknowledged by Mourinho in his plans to build the Blues for the future.
Cech is believed to be interested in transferring to Arsenal amid interest from Paris Saint-Germain who are willing to offer him a £39m ($61m) deal expanding over five years, considerably higher than what Arsenal are proposing.
However, the Gunners can provide him the opportunity to continue staying in London, where he has his family settled for over a decade.
Cech has lost his starting spot to Thibaut Courtois, who has kept 12 clean sheets this season and is billed to stay as Chelsea's first choice goalkeeper for years to come.
On the other hand, Arsenal are struggling with their first choice keepers, with David Ospina and Wojciech Szczesny both making crucial errors last season, that have cost the north London club critical points over the course of the campaign.
Cech's arrival will add some much needed experience at the back and help organise their defence which has been at sixes and sevens in the opening half of the campaign last season.
Meanwhile, Tomas Rosiscky has revealed that he has had a talk with Cech regarding the transfer but refused to divulge details concerning the deal.