The Gunners are set to lose their right-back on a free transfer in the coming weeks after failing to tie him down to a new contract – he is said to be on the verge of joining Manchester City.
Although Serge Aurier of Toulouse has been the main target for some time, it is now understood that Chambers is in Arsene Wenger’s sights.
The 19-year-old broke into the Saints’ first-team last term, dislodging the impressive Nathaniel Clyne on multiple occasions across the campaign.
Arsenal have been monitoring his progress close over the course of the past few months, and are rumoured to see him as a wise long-term addition.
Chambers penned a new contract on the South Coast last summer, but his value is unlikely to be even close to the £25m-£30m fees Southampton are rumoured to be holding out for for star names such as Adam Lallana and Luke Shaw.
Meanwhile, Arsenal may also be set for a £1.5m windfall from Cesc Fabregas’ potential move to Chelsea due to a clause in the deal that took him from north London to Barcelona in 2011.