As reported by The Times, Arsenal star Alex Oxlade-Chamberlain has rejected the chance to extend his deal at the Emirates Stadium meaning that he could potentially leave the club on a free transfer next summer.

What's the story?

The 23-year old has been at the Gunners for six years now after joining the club from Southampton for a reported fee of £12m. However, it looks like Arsenal could lose out massively on the time and money spent on him over the years, with the club at an impasse with the midfielder.

The Times report that the club offered a 'take-it-or-leave-it' contract, but Oxlade-Chamberlain is very much in the frame of mind to leave it despite a significant wage increase, as he wants guarantees of playing time to develop his game.

The paper also say Liverpool made an approach for him this week but with the Gunners unwilling to sell him to a Premier League rival, everything is at a bit of a stalemate.

Should they sell?

Even with just a year left on his contract, Oxlade-Chamberlain could probably still attract a decent transfer fee this summer with the club likely to at least recoup the money they paid for him to sign him from Southampton. Transfermarkt rate the versatile midfielder at £18.7m.

It's understandable that Arsenal would want to keep a hold of him but if he is truly not eager to sign a new deal then surely it would be better to sell him than have him run down his contract?