Alex Oxlade-Chamberlain is increasingly likely to stay with Arsenal this summer, while Arsène Wenger has also not completely given up on a potential world record deal for Monaco striker Kylian Mbappé.

Despite interest from Liverpool, talks between Oxlade-Chamberlain and Arsenal have progressed positively since the end of the season and there is optimism that agreement can be reached on a contract extension worth just over £100,000-a-week.

Oxlade-Chamberlain has had his best season since joining Arsenal in 2011 and, having played regularly in both central midfield and at wing-back in the second half of the season, it was significant that Wenger also had the faith to start him in the FA Cup final following injury.

Wenger is hoping to make two major signings this summer and, while beating Real Madrid to Mbappé is clearly unlikely, Arsenal still hope to persuade the France striker that his immediate development would be best served by first moving to the Premier League. They would hope that Wenger’s long-standing interest in Mbappé and track-record for giving young players regular first-team football could make them more attractive to a player who is still only 18.

Wenger and chief executive Ivan Gazidis have been photographed together in Nice and, while the picture surfaced online on Monday, it is understood that it was taken over the weekend. It is unclear whether their trip to the Cote d'Azur was connected to Mbappé, although they are monitoring Monaco winger Thomas Lemar.