Talks on a new deal have stalled in recent days, with no official offer yet from Arsenal.
Wenger has previously suggested he is keen to agree a longer deal for the 23-year old, whose contract runs out next year. However, Oxlade-Chamberlain has grown increasingly frustrated at the lack of progress and is currently on holiday considering his next move.
He finished the season strongly for Arsenal in a wing-back role and played a more central role in his country’s recent international against France.
Meanwhile, Manchester City are preparing a bid to lure one of Europe’s top strikers, Pierre-Emerick Aubameyang, to the Etihad Stadium, according to Skysports.
The 28-year old Borussia Dortmund striker was set to join Paris Saint-Germain next month in a move thought to be around £60m. However the deal hit the buffers last week alerting Pep Guardiola to his availability.
City believe there are very few high-quality strikers on the market at present and Aubameyang, who scored 42 goals for club and country last season, could be a huge boost to their ranks.
No offer received for Ronaldo, says Real boss
There has been no interest from any club in Real Madrid’s star player Cristiano Ronaldo, who has threatened to leave Spain after running into problems with tax authorities, according to club president Florentino Perez.
“No one has sent us an offer for either Cristiano or anyone else,” Perez told Onda Cero radio station.
“Ronaldo is a lot more powerful and more important than all of us who are here,” he added.
Perez’s first task after being reelected unopposed as Real Madrid president on Monday will be to appease Ronaldo amid speculation the four-time world player of the year wants to leave.
“As no other candidature was put forward to the board … it is proclaimed that Mr Florentino Perez Rodriguez is president of Real Madrid,” the Spanish and European champions said in a statement.
The 70-year-old construction magnate’s third term in charge of Europe’s most successful club spanning 15 years — 2000-2006 and since 2009 — will be rubber stamped at a ceremony at the Santiago Bernabeu later Monday.
And among the first issues he will have to deal with is Ronaldo — who he bought in 2009 from Manchester United for a record 94 million euros ($105.3 million).
Ronaldo is threatening to leave Spain after running into problems with tax authorities. The frenzy of speculation began soon after Ronaldo was accused last week of a 14.7 million euro tax evasion through offshore companies.
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