The 24-year-old looked destined to seal a move to London rivals Chelsea, after he secured a £220,000 contract with the Blues.
But Oxlade-Chamberlain snubbed the Stamford Bridge side after fearing he will be forced to play at wing-back, according to the BBC.
Liverpool have since seen a £30m bid rejected, but the England international remains keen on a move to the Kop.
Footage has now resurfaced of The Ox idolising Liverpool legend Steven Gerrard, following their 2-1 FA Cup win.
Standing alongside Gerrard, he was asked what his favourite position was.
“I don’t mind [playing at wing-back] because I get to come from deeper – when I play out wide I’m not so used to running off the ball in behind,” he responded.
“I’m not one to complain but maybe the centre midfield role [is more my position].
“Stevie, I’ve always wanted to be Steven Gerrard so I’ve still got a hope in that.”
The moment was enough to send Reds fans into meltdown today after the Gunners star was linked with a switch to Anfield before tomorrow’s 11pm transfer deadline.
“Oxlade-Chamberlain is snubbing Chelsea because he wants to be the new Gerrard at LFC in central midfield,” one wrote.
Another added: “Oxlade-Chamberlain wanting to be like Gerrard proves he’s perfect for Liverpool.”
And a third went even further, saying: “We might as well be seeing him playing in our jersey tomorrow."