Arsene Wenger has been trying to convince Sagna to sign a an extension on his current contract, which is set to expire in the summer. But the French right-back has not has had his head swayed by big money offers from elsewhere, some reported to be in excess of £20m after tax.
Sagna joined Arsenal in the summer of 2007 and has stuck by the club through a difficult transitional period. He is expecting a reward for his loyalty but has so far not been offered anywhere near what other clubs are willing to pay.
It therefore looking increasingly likely that the 31-year-old will be leaving the Emirates in the summer. Wenger's interest in Chambers hints that he is resigned to losing him.
Chambers is set to become the next bright prospect to emerge from the Southampton academy. He has made 17 appearances in the Premier League this season at right-back and has been capped at England under-19 level 13 times.
He follows the likes of Luke Shaw and Adam Lallana off the famous Saints production line currently starring in the first team. However, Southampton fans will remember losing some of their brightest gems to Arsenal in the past.
Wenger bought Theo Walcott from Southampton in 2006 before also raiding St Mary's for Alex Oxlade-Chamberlain in 2011.
The Gunners boss is searching far and wide for an heir to Sagna but is being drawn more and more towards Chambers, who is continuing to impress for his club.
Southampton are reported to want £10m in exchange for Chambers.