The 17-year-old sensation has emerged as one of England's hottest properties over the last year and has been trailed by Tottenham Hotspur, Manchester United, Liverpool and Fulham as well as the Gunners.
And after Wenger publicly declared his interest in the youngster over the weekend, Mark Chamberlain - the former Pompey and England international - suggested Arsenal would be the "ideal" environment for his son to continue his development.
"Arsenal, with the manager there, the way they play and how they develop players I think they are the ideal choice," Chamberlain told Sky Sports News.
But with inevitable comparisons being made between former Saints wonderkid Theo Walcott and Oxlade-Chamberlain, Chamberlain Snr. believes his son is already a better technical player than Walcott.
He added: "I am his dad. I've worked with both [Theo Walcott and Alex Oxlade-Chamberlain]. They've both got different attributes.
"Theo has already played 100 Premier League games for Arsenal, played for England and has scored a hat-trick. He's a really good player.
"Alexander is a little different. He's a bit better technically. He's more of a central midfielder player than a wide player.
"He's coping very well. It's all speculation. It's the time of the year when things do happen. I think if anything is happening the club will keep us notified."
After Arsenal's 5-0 thrashing of Wigan on Saturday, Wenger told reporters he is keen to seal the deal Oxlade-Chamberlain before the transfer window shuts next Monday.
"We will try now," Wenger said. "We need an agreement with Southampton, we need an agreement with the player.
"We are not the only ones on the case, but we try as hard as we can because I like him as a player."
Oxlade-Chamberlain marked his full debut for Saints last August with a goal against Bournemouth in the League Cup and has followed that up with eight goals in 19 starts this season, after moving from central midfield to the wing.
However, his boss Nigel Adkins is reluctant for the club to sell and said earlier this month that he is determined to keep the player at St. Mary's beyond the transfer window.
By James Martini
‘The pure simplicity of the way Slot has managed the squad is probably the biggest thing I could say about him. It’s not broken, so let’s get on with it’: Liverpool legend full of admiration for Jurgen Klopp's successor at Anfield
‘I trained at Spurs and thought they’d give me a chance. But I received a letter thanking me but saying they didn’t think I was good enough – I was gutted’: How Tottenham missed out on signing Wales legend John Toshack
