The 20-year-old has added to the club's woes after colliding with Aston Villa's Antonio Luna during the Gunners' 3-1 Premier League defeat, leaving Arsene Wenger with an increasingly threadbare squad.
|23/10||Lukas Podolski is 23/10 with BetVictor to score anytime against Fenerbahce
"He is out, definitely out [for Fenerbahce]," Wenger told reporters.
"It's a knee problem. It's a bad injury."
The England international has become a regular fixture for Arsenal since signing from Southampton in 2011, making 25 appearances in the Premier League last season.
However, Oxlade-Chamberlain now joins the likes of Mikel Arteta (thigh) and Thomas Vermaelen (back) in the treatment room, while Laurent Koscielny will miss the next domestic game after being sent off against Villa.