Arsenal have reportedly quoted Liverpool a price of £40m plus a pound for the services of midfielder Alex Oxlade-Chamberlain.

The 24-year-old is into the final 12 months of his current deal at the Emirates and is said to have rejected the offer of fresh terms worth £180,000 a week amid interest from the Reds and Premier League champions Chelsea.

According to The Sun, the Gunners have responded to Liverpool's pursuit of the player by demanding £40m and one pound - the exact offer that they made, and were refused, for Luis Suarez in 2013.

Arsenal manager Arsene Wenger is thought to be desperate to keep hold of Oxlade-Chamberlain and earlier this week publicly urged him to sign a new long-term deal.

The England international joined Wenger's side from Southampton in a £12m deal six years ago.