Arsene Wenger has reportedly rejected a transfer deal involving swapping Chelsea's Petr Cech for Alex Oxlade-Chamberlain.

According to The Mirror, Jose Mourinho wanted a straight swap between the two players, but Wenger is hopeful of snatching the Czech goalkeeper for just £10m.

Mourinho warned last month: "Every club that is interested in Petr, I can find a player that I like in that team too."

Cech, 33, is apparently interested in a move to Arsenal as it means that he can remain in London, his home for the past 11 years.