Oxlade-Chamberlain, currently away on international duty with England, conducted a medical at St George’s Park ahead of his proposed move to Anfield.
The 24-year-old is set to join Liverpool on a six-year deal after the two clubs struck a deal.
The player turned down a new improved deal at Arsenal earlier this month which would have seen him earn £180,000 a week. He will earn a minimum of £120,000 a week at Anfield, a figure which could increase with win bonuses and loyalty payments.
The Gunners agreed a deal with Chelsea for Oxlade-Chamberlain earlier this week, but the midfielder rejected the chance to join the Blues in favour of a move to Anfield.