Chelsea are monitoring Alex Oxlade-Chamberlain's contract situation at Arsenal but a move to Stamford Bridge is only an outside possibility.

It has been reported that Chelsea are planning to open talks with Arsenal over a transfer next week, but things are understood to be not so advanced as yet.

Oxlade-Chamberlain has just one year left on his current deal and is still no closer to signing an extension.

Chelsea have admired the 23-year-old for a few years and he could provide useful competition for Victor Moses at right wing back, as well as for Pedro further forward.

They are looking to strengthen the squad in all departments before the window closes on August 31 and have millions to spend.

As an England international, he would naturally also count as one of Chelsea's home grown players for any Premier League or Champions League quotas.

But it is believed that a deal to take him to Stamford Bridge is still a long way off and that Arsenal would not be willing to sell him to their London rivals.

The Gunners are still hoping to arrange a new contract and there is a suspicion that Chelsea's interest is being used to get a better deal.

Liverpool are keen on Oxlade-Chamberlain too, but Arsenal remain confident that he will commit his long-term future to them.

Oxlade-Chamberlain played against Chelsea and failed to impress during Arsenal's 3-0 defeat.