Chelsea have been dealt a massive blow as transfer deadline day approaches after Alex Oxlade-Chamberlain turned down a £40m move to Stamford Bridge.
The reigning Premier League champions had been on the verge of luring the winger across London before Thursday's deadline after the Gunners accepted their offer.
However, BBC Sport has reported that Oxlade-Chamberlain has spurned Chelsea's advances over the club's desire to play him as a wing-back instead of in his preferred centre midfield role.
The news will hand rivals Liverpool a fillip just one day before the window slams shut, and the Reds would have no issues enticing the 24-year-old to Anfield as BBC Sport understands that 'the Ox' is holding out for a move up north.
Whether Liverpool will move for the England international is up for debate and, if they decline to make a bid for his services, Oxlade-Chamberlain will move a step closer to leaving Arsenal on a free transfer next summer.
Arsenal boss Arsene Wenger is reportedly keen to see Oxlade-Chamberlain's future resolved in the next 24 hours so he can potentially use the funds from his player's sale to make any last-minute attempts to strengthen his own senior squad.
Any hopes of cashing in on the Southampton youth product lie squarely at Liverpool's feet now, however, and the Gunners are thought to be bracing themselves for a possible offer from Jurgen Klopp's side.
Oxlade-Chamberlain appeared all but certain to move to west London on Tuesday after Arsenal agreed to sell him to Chelsea following a protracted transfer saga that has played out over the past couple of months.
Blues boss Antonio Conte, though, has now suffered more transfer heartbreak as he looks to make a couple of last-gasp additions to his first-team squad.
The Italian had been rebuffed in his attempts to prise Danilo and Alex Sandro away from Real Madrid and Juventus to bolster his options at wing-back, but the pair opted to move to Manchester City and stay with I Bianconeri respectively.
Oxlade-Chamberlain, who played in Arsenal's 4-0 drubbing to Liverpool on Sunday, has amassed almost 200 appearances at the Emirates since his move in August 2011.