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According to ESPN FC, Arsenal FC have agreed on a fee for the transfer of Alex Oxlade-Chamberlain to North London rivals Chelsea.

If this deal goes through before the close of the transfer window on Thursday, 24 years old Oxlade-Chamberlain will provide Chelsea with much needed depth at wing back and also central attacking midfield.

Since pre season, Arsene Wenger has continued to insist that he wishes to see the player at the club this season regardless of whether he leaves next season on a free transfer or not.

"I rate him highly and he's one of the players who is on his way up," Wenger said of Oxlade-Chamberlain on Aug. 16. "In the last year, he has made huge progress and personally I want him to stay here for a long time.

"I'm convinced he will be the English player that everybody will look at in the next two years."

The timing of this news is really terrible for Arsene Wenger and Arsenal who have come under strong criticism following their 4-0 loss to Liverpool over the weekend.