This is according to a Stamford Bridge source, who told The Sun: “Arsene Wenger wants a top keeper from us, Petr Cech. Well in exchange we want Walcott or Oxlade-Chamberlain.
“They may not be in the Arsenal team but we are convinced Jose Mourinho could make them into top players again.”
Cech is set to leave Chelsea at the end of the season, following 11 years with the west London outfit, after falling down the pecking order following the return of Thibaut Courtois.
The 33-year-old is currently being linked with some of Europe's biggest clubs, but with his family settled in London it's understood that his preference is to stay in the English capital.
Chelsea may reluctantly hand Cech to Arsenal
Chelsea are reluctant to offload Cech to rivals Arsenal, who could be a threat in the Premier League title race next season despite the fact they have failed to win the trophy since 2004.
But with their interest in Liverpool winger Raheem Sterling cooling, Chelsea see this as an ideal opportunity to sign one of Arsenal's star wide-men.
Blues' boss Jose Mourinho is acutely aware of the need to increase the number of homegrown players in the Chelsea squad, and that both Walcott and Oxlade-Chamberlain fall into that category make them particularly attractive options for the recently-crowned Premier League champions.
Move may appeal to both Walcott and Oxlade-Chamberlain
Walcott has failed to re-establish his place in Arsenal's starting line-up since returning from a year-long injury lay-off in January and there is guarantee he will agree to extend his current deal at the Emirates Stadium, which expires in the summer of 2016.
Oxlade-Chamberlain, meanwhile, has also found himself in and out of the Gunners' starting line-up this season. The 21-year-old has scored one goal in 22 Premier League appearances this season and may need to leave Arsenal in order to fulfil his immense potential.
Both Walcott and Oxlade-Chamberlain possess the quality to put pressure on Willian and Juan Cuadrado, who has struggled at Stamford Bridge since completing his £26.8 million move from Fiorentina in January.
But there's little chance of Arsene Wenger agreeing to sell one of his English wingers, even if it means securing the services of one of the world's best goalkeepers in exchange.
Should Arsene Wenger sell either Theo Walcott or Alex Oxlade-Chamberlain in exchange for Petr Cech? Which one of the wingers would flourish at Chelsea? Have your say in the comments below!