Liverpool have reportedly agreed a £40m deal to sign Arsenal and England midfielder Alex Oxlade-Chamberlain this summer.

The 24-year-old, who rejected a summer move to Chelsea on Tuesday after a fee had been agreed, will join the Reds on a five-year contract worth a £120,000-a-week.

The England international, who is in the final year of his contract with the north London club, rejected a new deal worth up to a £180,000 a week to stay at the Emirates.

Oxlade-Chamberlain has started each of the Gunners’ four games so far this season.

He is expected to have a medical on Thursday before flying to Malta with England for international duties.

The England star has made 198 appearances for Arsene Wenger’s side since joining them from Southampton in August 2011, netting 20 goals.

The fee would have been Liverpool’s club record deal, but the Merseyside have agreed to sign RB Leipzig’s Naby Keita next summer for £48m.

So far this summer, Jurgen Klopp side have signed winger Mohamed Salah from Roma for £34m, full-back Andrew Robertson from Hull City for £8m and striker Dominic Solanke after his contract expired with Chelsea.

The Reds have also been pursuing Monaco’s £75m-rated winger Thomas Lemar and Southampton centre-back Virgial va Dijk, while the club’s Brazil forward Philippe Coutinho remains Barcelona’s number one transfer target.

Belgium striker Divock Origi could leave Anfield and join Bundesliga side Wolfsburg on loan before the transfer window closes on Thursday, says BBC Sport’s chief football writer Phil McNulty.

The 22-year-old is highly rated by Reds manager Jurgen Klopp but the imminent arrival of Oxlade-Chamberlain from Arsenal means his chances in attack are likely to be restricted this season.

Origi is highly rated by Reds boss but the imminent inclusion of Oxlade- Chamberlain to the club from Arsenal means his chances in attack are likely to be restricted this season.

The 22-year-old wants regular football throughout Belgium’s build-up to next summer’s World Cup and Liverpool will also be eager to see the talented young forward continue his progress, so it is expected he will leave Anfield before the deadline.