And according to recent reports by The Express, it is believed that the England global has rejected the new offer.
As had been reported earlier by The Telegraph, progress between Alex Oxlade-Chamberlain and Arsenal over a new contract has suddenly faltered after the England winger became frustrated that he has still not been offered a new deal.
The Blues have launched a £35m bid to get him, and Oxlade-Chamberlain is interested in making the move.
The 23-year-old has attracted interest from a number of Premier League clubs with The Sun reporting last week that Chelsea and Liverpool were battling it out over the England international's signature.
Arsene Wenger has reiterated throughout the window that Chamberlain will be an Arsenal player when the window closes this summer, his latest quotes come from the August 9.
"I think he had in his career some bad moments because he had some small injuries".
"He'll continue to move up because the potential is there". Personally I believe he is a hugely talented player who is on the way up.