The 24-year-old is into the final year of his contract at the Emirates and talks have stalled over a new deal but Wenger has made not secret of his desire to keep hold of the former Southampton man.
Speaking on Wednesday, the Frenchman admitted that the rest of the transfer window will mainly see him focus on moving players out but insisted that Oxlade-Chamberlain would not be one of the players to leave, with the 67-year-old keen to keep him around for "a long time".
"I rate him (Oxlade-Chamberlain) highly and he's one of the players who is on his way up," Wenger told the press.
"In the last year, he has made huge progress and I want him to stay here for a long time.
"I'm convinced he will be the English player that everybody will look at in the next two years."
Arsenal are under no pressure to sell this summer but if Chelsea's interest is genuine, it is hard to say whether the player will move clubs or not this summer, but it certainly appears that his current manager rates him highly.