The centre-back will be given the opportunity to play regular first-team football in the Premier League with the Cottagers, although Unai Emery's side are not currently interested in entertaining the idea of a permanent sale.
Chambers, who signed a new contract with the club in July, has been given the chance to impress during Arsenal's pre-season, including in the most recent victories over Chelsea, as a late substitute, and Lazio.
Emery would prefer Chambers to receive more minutes this season, as he did as a regular at Middlesbrough in 2016-17, with the likes of Sokratis Papastathopoulos, Shkodran Mustafi, Rob Holding and Konstantinos Mavropanos all options at centre-back at the Emirates Stadium.
Indeed, Goal understands that both Holding and Mavropanos will remain with the first-team squad despite interest from rival clubs over loan deals.
Club captain Laurent Koscielny, meanwhile, is out for the long-term with an Achilles injury but he should return by the New Year to provide further competition for places at the back.
The future of Spanish forward Lucas Perez remains up the air, however, with the former Deportivo man likely to be on the move this week.
Goal understands West Ham are the favourites to sign the 29-year-old, who would prefer to stay in London, with Perez having struggled to make an impact at the Emirates Stadium since joining the club back in 2016.
Perez spent last season on loan at former club Deportivo, where he scored eight times in the league, and although he isn't being pressured to leave this summer, he appreciates his game time will be limited if he stays put.