The 28-year-old is considering leaving Anfield in January after just over four injury-hit years on Merseyside, having spent six seasons in north London in which he made 198 appearances.
Four of those were alongside current Gunners boss Arteta, winning two FA Cups.
And now the dynamo looks set to explore his options this coming January, with Arteta’s side reportedly weighing up a transfer following his £35million sale in 2017, according to The Sun.
It is no wonder they are open to welcoming him back, too, after Arteta’s comments on Oxlade-Chamberlain in 2020.
“We could all see the potential of Alex and where he could develop,” the Spaniard explained of his former team-mate ahead of the Gunners’ meeting with Liverpool last July.
“He picked an incredible club to move to and he wanted a challenge probably after so many years here.
“We have to accept that and I think we all wish him the best because as well as being a great player.
He added: “I think he was someone who was really, really like here among the fans, the staff and the players.”
But his ex-boss questioned his decision to leave before Wenger’s final season as Gunners manager.
Asked whether Oxlade-Chamberlain was frustrated because he could not be sure of a regular starting place in the capital, the French tactician responded: “Is he sure of a place there [at Liverpool]?”
Would Oxlade-Chamberlain be a good signing for Arsenal? Give us your verdict here.
“You are sure of a place nowhere. In a big club you have big competition for every single place. That is absolutely normal.”
He went on to explain – with a smile – that big players, by definition, had to be prepared to fight for their place when plying their trade for a top team.
“What do you want? To be a big player and not have to fight?,” Wenger quizzed.
“What do you want on top of that: sitting in your rocking chair and saying I’m a big player? I don’t need to fight?
“No. It doesn’t work like that. Every player can do that and he does it so overall, I am convinced it’s part of being a top player.”
Unfortunately for Oxlade-Chamberlain, his Anfield career is yet to hit the heights he would have hoped for on an individual level but his experience could lend itself well to Arteta and co in a return to north London.