The two players have been linked with an exit from Arsenal this summer.
The two players have been linked with exits from the Emirates this summer; with reports Arsene Wenger may look to overhaul his squad.
The two England men have found themselves down the pecking order this season, with many questioning whether they are good enough to help the Gunners be genuine title contenders.
Wenger has often stuck by the duo though, and Merson says he will be wary to sell them in case they come back to haunt him.
“He’ll be careful if he sells them, Arsene Wenger,” he told Soccer Saturday.
“I just think Arsene is a little bit wary that if he lets them go that they might come back to haunt him and that’s his biggest worry.”
“All he needs is them to go and start firing at a new club and all of a sudden the fans are on his back for something that he could have stopped.”
If Wenger does decide to sell Oxlade Chamberlain and Walcott this summer, there is no denying that there will be players keen on their signatures.
Both have proved their quality for club and country in the past and could be the star men in several Premier League sides.
Indeed, it is arguably the lack of game time that has halted their development at Arsenal and perhaps both should seek a move to improve their careers, regardless of ay reservations Wenger may have.