The England international began his career with the south coast club.
The 22-year-old began his career at St Mary's before following in the footsteps of Theo Walcott, a fellow academy graduate at the club, by joining the Gunners shortly after bursting onto the scene.
Despite his obvious talent, Oxlade-Chamberlain - who is also wanted by Premier League champions Chelsea (via The Sun) - has struggled to hold down a place in Arsene Wenger's side, with the likes of Alexis Sanchez, Aaron Ramsey and Mesut Ozil all seemingly ahead of the England international in the pecking order.
While Oxlade-Chamberlain has not enjoyed the best of seasons - having failed to score or register an assist in the top flight this term - his arrival would undoubtedly provide a massive boost to Ronald Koeman's side.
Although Sadio Mane and Dusan Tadic have done a good job working just behind the striker for the Saints this campaign, Koeman arguably needs further options in that area of the field if the side are to repeat the 7th place finish they achieved last season. And Oxlade-Chamberlain would surely be the ideal option to help them do that, if they could manage to get a deal across the line.