Arsenal midfielder Alex Oxlade-Chamberlain has turned down the opportunity to join Premier League champions Chelsea, according to Sky sources.
The Gunners had agreed to sell the England international to their London rivals for a fee believed to be £35m.
However, Sky Sports News understands the 24-year-old favours a move to Liverpool ahead of Thursday's transfer deadline.
Oxlade-Chamberlain is out of contract at the end of the season and is now set to either see out the remaining 11 months of his Arsenal deal or move to Liverpool, were they to put in a bid and have it accepted.
Oxlade-Chamberlain, who is currently on duty with the England squad, has started all of Arsenal's games this season but met manager Arsene Wenger ahead of Sunday's 4-0 loss to Liverpool, to discuss his future.
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Former Arsenal man Nigel Winterburn thinks it is time for Oxlade-Chamberlain to depart and told Sky Sports News on Tuesday: "Personally, I think he has had enough at Arsenal.
"It is time to move on and face a new challenge."