The England global has been at the north London club since 2011 when he was a teenager, and his boss has revealed that he wants to build the future Arsenal squad around the England worldwide.
"In all the conversations that I have had, I say that I want him to stay and be one of the big players of the future of this club", Wenger said.
Wenger said last week that he hoped the England global forward would extend his current contract, which only has one year remaining on it.
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"I hope that he commits to the club".
"I know every bid we have, but the best is for us to focus on Sunday's game".
The Italian coach sees Oxlade-Chamberlain's versatility as meaning he would be capable of playing in the wing-back position.
Other than bidding £35m for Oxlade-Chamberlain, Chelsea are still working towards finding an agreement for Danny Drinkwater, who Leicester value at £40m, and are refusing to give up on £25m Ross Barkley, despite Spurs leading the chase for the Everton player.
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Arsenal are facing the prospect of losing three first-team regulars at the end of the season for free. He is one of the players this team has to be built around in the future. Although Arsene Wenger has been adamant about the Englishman not exiting the club, he has not succeeded in getting him to agree to a new deal. "The last two days are always very hectic".
Sticking with the theme of young players, Wenger welcomed news of the Carabao Cup draw, which took place in China in the early hours of Thursday and saw Arsenal given a home tie against Doncaster Rovers in the third round. Personally, I think he is a hugely talented player.
Zidane wants no more changes to Real Madrid squad
Casemiro ended a move with 44 passes by converting Marcelo's cross, before Toni Kroos smashed in from Bale's pass. The winger scored one goal while setting up another, showing that he still has it in him to perform for Real.