Alexis has rejected the offer of a new deal at the Emirates Stadium with his current contract set to expire in the summer of 2018, and City remain hopeful the player's stance will lead to Arsenal eventually giving into his demands.
Should he leave north London, Alexis is likely to be one of many departures from Arsenal before the end of the transfer window.
Goal understands the Blues are set to make a final push to sign Oxlade-Chamberlain, but Arsenal have again been insistent that they will not allow the England international to leave.
A fee in the region of £35 million, however, is likely to be agreed by Thursday's 23:00 BST deadline.
Lucas Perez’s wish to return to former club Deportivo La Coruna, meanwhile, could be fulfilled this week and the £17.5m signing will depart north London just a year after arriving from Spain.
Despite the expected exodus, Jack Wilshere looks set to compete for a place in Arsenal's midfield after featuring for the Under-23s in recent weeks. While Wenger remains open to offers for the Englishman, the lack of interest in the 25-year-old is likely to see him stay until January at least.Wenger's attempts to sign Monaco livewire Thomas Lemar have seen three bids rejected by the Ligue 1 giants this summer, but with the news that Liverpool have made a club-record offer for the Frenchman, it remains to be seen whether the under-fire manager will enter a bidding war for the highly-rated 21-year-old.