Oxlade-Chamberlain’s transfer is expected to go through on Thursday, on what is expected to be a frantic deadline day, with the futures of many high profile players still uncertain.
Over £1bn has already been spent by Premier League clubs in a record breaking summer, while Neymar joined Paris St-Germain for a world transfer record of £200m.
After missing out on Oxlade-Chamberlain, Chelsea will hope to sign England and Leicester midfielder Danny Drinkwater, who has asked to leave the Foxes.
The Premier League champions have also seen a £25m bid for England midfielder Ross Barkley rejected by Everton, but the 23-year-old could still leave the Toffees.
Chelsea striker Diego Costa’s future is still unresolved. With the Spain international no longer in Antonio Conte’s plans, he could still rejoin Atletico Madrid, despite the Londoners having previously demanded a fee Atletico ‘can’t get near’, according to the player.
Swansea’s Fernando Llorente has been widely tipped as a replacement for Costa, while Paul Clement wants Ivory Coast striker Wilfried Bony to rejoin the club from Manchester City as he also closes on the signing of Bayern Munich’s attacking midfielder Renato Sanches on a season-long loan.
Arsenal could see another player leave, with rivals Manchester City having a £50m bid for Chile forward Alexis Sanchez rejected.
The Gunners want England winger Raheem Sterling as part of any deal, but Guardiola wants Sanchez as a straight purchase.
Guardiola is also interested in West Brom defender Jonny Evansand City have had two bids rejected for the Northern Ireland international, while the Baggies also rejected a £23m offer from Leicester.
Both Liverpool and Arsenal have pursued Monaco winger Thomas Lemar, while his club team-mate Kylian Mbappe is finally expected to complete a protracted loan move to Paris St-Germain.
Crystal Palace want out of favour Liverpool defender Mamadou Sakho to return to the club after a successful loan spell last season.
Philippe Coutinho’s move to Barcelona has been one of the long running transfer sagas of the summer, with the Brazil forward still the number one target for the La Liga club, despite the Reds rejecting a £114m bid.
Chelsea target Drinkwater might not be the only one of Leicester’s Premier League winning side to leave, with Jamie Vardy and Riyad Mahrez’s futures still not clear.
The transfer window closes on Thursday at 23:00 BST in England, Scotland, Italy and France, but 17:00 BST in Germany. Spanish clubs have until 23:00 BST on Friday to get their deals done.