Oxlade-Chamberlain is currently away on international duty with England, but is thought to have undergone medical and a photo shoot at Liverpool’s headquarters on Wednesday.
Pictures of him dressed in a Liverpool kit have already started circulating the Internet.
“An Oxlade Chamberlain deal was hit last night. The medical is done.” said Sky Sports reporter Aidan Magee. “We are expecting an announcement around midday today.”
The 24-year-old is believed to have thrown in the towel with his Arsenal career due to a lack of playing time in the centre of the park.
Oxlade-Chamberlain has clearly expressed desire to play as a central midfielder on more than one ocassion, but Arsene Wenger has been using him out wide in recent years.
The transfer will come as another blow to Arsenal following their devastating defeat to the Reds on Sunday as they also look set to lose star-man Alexis Sanchez come tomorrow.