Alex Oxlade-Chamberlain/ Twitter

Arsenal have reached an agreement with Liverpool in the region of £40m to sell England midfielder Alex Oxlade-Chamberlain.

The 24-year-old rejected a move to Chelsea on Tuesday after a fee had been agreed.

Oxlade-Chamberlain, who started each of Arsenal’s four games so far this season despite telling manager Arsene Wenger he would not sign a new contract, has made 198 appearances for Arsenal since joining them from Southampton in August 2011.

BBC Sports reports that the fee would have been Liverpool’s club record deal, but the Reds have agreed to sign RB Leipzig’s Naby Keita next summer for £48m.

Liverpool signing

So far this summer, Liverpool have signed Egyptian winger Mohamed Salah from Roma for £34m, full-back Andrew Robertson from Hull for £8m and striker Dominic Solanke after his contract at Chelsea expired.

According to reports, Liverpool have are also pursuing Monaco’s £75m-rated winger Thomas Lemar and Southampton centre-back Virgil van Dijk, while the Reds’ Brazil forward Philippe Coutinho remains Barcelona’s number one transfer target.

Meanwhile, Belgium striker Divock Origi could leave Anfield and join Bundesliga side Wolfsburg on loan before the transfer window closes on Thursday.

The 22-year-old is highly rated by Reds manager Jurgen Klopp but the imminent arrival of Oxlade-Chamberlain from Arsenal means his chances in attack are likely to be restricted this season.

Origi wants regular football to better his chances of being picked by Belgium as the World Cup draws nearer.