In a recent press conference, Wenger said he is convinced the 24-year-old will play a key role for Arsenal and England this season.
'Yes, he is staying here. Why? Personally, because I rate him highly and he's one of the players who is on his way up,' Wenger said.
'In the last year, he has made huge progress and personally I want him to stay here for a long time. I'm convinced he will be the English player that everybody will look at in the next two years at the end of the season.'
Oxlade-Chamberlain looks set to remain at the Emirates, despite Arsenal reportedly rejecting a £25m bid from Chelsea for the former Southampton man.