After missing the table-topping Gunners' previous two Premier League matches with an ankle injury, the 22-year-old returns to the starting XI to face the Reds at Anfield
The 22-year-old midfielder missed both the home clash with the Eagles and the 2-2 draw away to Southampton, but has returned to the starting XI after successfully shaking off the knock.
Oxlade-Chamberlain, meanwhile, was drafted in to play a holding role against Palace due to the absence of Wilshere, Mathieu Flamini and Aaron Ramsey, and has been pushed into a more advanced role following his goalscoring heroics, with Lukas Podolski missing out.
Elsewhere, Nacho Monreal is preferred to Kieran Gibbs, though a back-line that has kept 11 clean sheets this season - the joint most in the Premier League - is otherwise unchanged.
Liverpool boss Brendan Rodgers sticks with the same side that drew 1-1 with West Brom last time out, with prolific strike partnership Luis Suarez and Daniel Sturridge continuing in attack.
Liverpool starting XI: Mignolet; Flanagan, Toure, Skrtel, Cissokho; Gerrard, Henderson; Sterling, Coutinho; Suarez, Sturridge. Subs: Jones, Kelly, Ibe, Moses, Aspas, Allen, Alberto.
Arsenal starting XI: Szczesny; Sagna, Mertesacker, Koscielny, Monreal; Wilshere, Arteta; Oxlade-Chamberlain, Cazorla, Ozil; Giroud. Subs: Fabianski, Jenkinson, Gibbs, Rosicky, Gnabry, Podolski, Bendtner.