The duo were the subjects of a referee blunder in Saturday's 6-0 loss at Chelsea when Andre Marriner wrongly sent off Gibbs for handball which was actually caused by Oxlade-Chamberlain.
The Football Association's Independent Regulatory Commission has upheld an appeal from the Gunners who wanted to have Oxlade-Chamberlain cleared of any wrongdoing as he did not actually prevent a clear goalscoring opportunity when Eden Hazard's shot went wide of the mark.
The FA had transferred the red card from Gibbs to Oxlade-Chamberlain but the pair have now both been cleared of charges making them free to take on Swansea City at the Emirates Stadium tomorrow.
"An Independent Regulatory Commission on Monday heard two claims from Arsenal, one of mistaken identity and the other of wrongful dismissal, both in relation to Saturday's game against Chelsea at Stamford Bridge," read a FA statement.
"Subsequent to deciding this matter, the commission then considered Arsenal's claim for wrongful dismissal in relation to Oxlade-Chamberlain.
"This claim was upheld, meaning Oxlade-Chamberlain will not serve any suspension with the standard punishment withdrawn with immediate effect."
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