The 19-year-old's move from Southampton last summer raised eyebrows due to his inexperience and hefty £12 million fee (rising to £15m with add-ons), but the attacker has since gone on to impress for the Gunners at both Premier League and Champions League level.
His displays in north London convinced England manager Roy Hodgson to hand him a place in the 23-man squad for Euro 2012 to cap a meteoric 12-month rise - and Oxlade-Chamberlain is now ready to affirm his loyalty to Arsenal by putting pen to paper on a new deal.
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"I am here to play for England this week," Oxlade-Chamberlain told reporters.
"That is the only thing I am concentrating on. But if Arsenal want to sit down and talk about that [contract], it is really good because I am loving my time there.
"I really enjoy playing for them and am planning on being there for a while."
Oxlade-Chamberlain still has four years left to run his current deal.