Chelsea have kicked off what promises to be one of the busiest-ever final days of a transfer window by agreeing a fee with Arsenal for Alex Oxlade-Chamberlain and making progress on a deal to send Diego Costa back to Atletico Madrid.

And Chelsea will now work quickly to try to wrap up a £35million deal for Oxlade-Chamberlain and head off the threat of a rival bid from Liverpool, who have made an offer for Thomas Lemar worth over £64.6m

Liverpool want either Lemar or Oxlade-Chamberlain before the transfer window shuts on Thursday night and could try to snatch the England international out of Chelsea’s grasp if Monaco maintain their stance that Lemar is not for sale.

Oxlade-Chamberlain is one of four signings Chelsea want to make in the final days of the transfer window, along with midfielders Danny Drinkwater, Ross Barkley and forward Fernando Llorente, as they also attempt to agree a deal for AWOL forward Costa to leave Stamford Bridge.

Fresh talks have been held over Costa between Chelsea and Atletico, and there is now a sense that that two clubs are close to agreeing a deal that is likely to be worth around £40m plus significant add-ons.