The 17-year old has emerged as a strong target of the Gunners who were believed to be extremely interested back in January but never made an offer.
Saints boss Nigel Adkins today said that nothing had happened and for the time being, Oxlade-Chamberlain is focusing on being a Southampton player.
"We had the same sort of scenario in January," he told Sky Sports News. "He was going to go in January, wasn't he? But he didn't.
"I think it will be interesting when does that materialise, if Arsenal or whoever does start talking to the football club.
"At this moment in time, he is at Solent University doing fitness testing with the players and I had a conversation with Alex last week, he was doing a little bit of training.
"He really loves being at Southampton. It is as simple as that.
"If Arsenal wanted to put a bid in I am sure they would put a bid in the right manner to the board and then this football club will decide what they want to go and do with that bad if it is offered."