Set to kick in next season, the Premier League is introducing new rules to regulate how much a club's wage bill can increase each year.
The Gunners have come around to the idea of selling Oxlade-Chamberlain amidst a growing pressure to cut their wage bill - new Premier League rules state that clubs' salary expenditure should not be more than £7m than it was past year.
Arsenal are preparing for a season without Champions League football next term after the Gunners finished fifth in the Premier League table in the 2016-17 campaign.
But The Sun say Wenger wants him to remain at the club and could offer him a bumper new deal, which will see him take home around £100,000-a-week. Nine of their first team players could be allowed to leave the club this summer.
The club will therefore be forced to save money through player sales and it is claimed Olivier Giroud could follow Oxlade-Chamberlain out of the exit door in the coming months.
If a top four place had been secured, the Gunners would have been able to demonstrate a higher turnover of cash due to commercial rights and extra income from TV revenue and could have circumnavigated the Premier League's strict laws regarding salaries.