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Gianluca Di Marzio claims that Arsene Wenger's side have proposed a swap deal which would see Alex Oxlade-Chamberlain head to Stamford Bridge in return for the Serbian midfielder.
Manchester United are believed to be leading the race for Serbian defensive midfielder Nemanja Matic with reports claiming that the 28-year-old is pushing for a move to Old Trafford where he would link up with former boss Jose Mourinho.
It has been reported that Matic is concerned about his playing time at Chelsea in the coming season with Chelsea having plenty of options in that role and Conte looking to sign Monaco midfielder Bakayoko and Arsenal are looking to use that in their favour.
Manchester United are currently the frontrunners for Matic but he is also wanted by Inter Milan and Juventus.
Chamberlain, on the other hand, is reported to be unhappy at Arsenal and rejected the latest contract offered by the Gunners.
With the Englishman on the final year of his contract, Arsenal are looking to cash in on him and now looking to use him as a bait to lure Matic.
Last season, the England international found himself becoming something of a utility player as Arsene Wenger shifted him around the pitch to cover other areas. Having spent six years at Arsenal he is still to become a consistent first-team player at the Emirates.
Liverpool are also interested in Chamberlain but Klopp does not regard him as a priority signing like Naby Keita and Virgil van Dijk.
Chamberlain could be an interesting addition to the Chelsea side thanks to his versatility which makes him capable of playing anywhere in midfield as well as a wing-back on either of the flanks.