Negotiations to take Petr Cech to Arsenal could take an unwelcome twist for the Gunners.
Walcott has struggled to make an impact at Arsenal this season since returning from injury, and is yet to commit to a new deal at the club, with his contract set to expire in 2016.
Oxlade-Chamberlain has a deal until 2018 and is far less likely to be going anywhere. He is currently sidelined with injury and is unlikely to play a part in the FA Cup Final.
With both players struggling to make a consistent impact at Arsenal even when fit, it is difficult to imagine them enjoying more success at Chelsea, where competition for places is just as if not more intense.
The report is likely a response to comments from Petr Cech's agent, who was quoted in The Mirror yesterday stating that the goalkeeper was interested in a move to Arsenal.
David Ospina has impressed in goal for the Gunners even if he has not stopped talk of need for a new goalkeeper, and with Cech a Premier League veteran and champion, he would answer any doubters.
Jose Mourinho would likely be unwilling to help old foe Arsene Wenger improve his team, and so if he finds himself backed into a corner by Cech, it's not surprising he is exploring ways to weaken Arsenal by taking one of their players in exchange.