The England international's future was plunged into doubt after media outlets claimed that he had rejected the terms of a fresh contract at the Emirates.
Liverpool have been linked to the 23-year-old, while Manchester City and Chelsea have also been touted as potential suitors.
It was recently reported that Oxlade-Chamberlain will remain at the North London outfit this summer, but plans to leave for free when his contract expires at the end of the 2017-18 campaign.
However, according to the Daily Mail, the Gunners are confident that an agreement will be struck to keep Oxlade-Chamberlain at the club for the long term.
The player has travelled to Australia with his Arsenal teammates for their pre-season tour.