Oxlade-Chamberlain has been on the books of Arsenal since 2011 and has a contract until June 2018.
The 22-year-old is a very talented young footballer who can play as a winger or as a central midfielder.
The England international, though, is not guaranteed a place in the Arsenal starting lineup, and competition for places in the team next season is only going to increase due to the return to fitness of midfielder Jack Wilshere.
The youngster created two chances in five Champions League matches for Arsenal during the 2015-16 campaign.
Arsenal are a much bigger club than Leicester, but the Foxes won the Premier League title this past season and will feature in the Champions League during the 2016-17 campaign.