The 17-year-old Southampton midfielder has been touted as the next Theo Walcott after a series of impressive performance with the League One side this season.
Arsenal appear to be the front-runners to secure his services despite interest from Premier League rivals Manchester United and Liverpool, and Wenger said the Gunners were working on getting a deal done before the end of the January transfer window.
“We will try now,” Wenger said. “We need an agreement with Southampton.”
“We need an agreement with the player, and we are not the only ones on the case.”
“But we try as hard as we can as I like him as a player.”
Oxlade-Chamberlain would not be the first teenage sensation that Wenger has brought to North London, with Walcott, Cesc Fabregas and Jack Wilshere all blossoming during their time at the Emirates Stadium.
And Oxlade-Chamberlain’s father Mark, who played for England between 1982 and 1984, believes Arsenal would be the right fit for his son.
“Arsenal, with the manager there, the way they play and how they develop players I think they are the ideal choice,” Chamberlain told Sky Sports News.
“I am his dad. I’ve worked with both. They’ve both got different attributes. Theo has already played 100 Premier League games for Arsenal, played for England and has scored a hat-trick. He’s a really good player.”
“Alexander is a little different. He’s a bit better technically. He’s more of a central midfielder player than a wide player.”
“He’s coping very well. It’s all speculation. It’s the time of the year when things do happen. I think if anything is happening the club will keep us notified.”
With so much speculation surrounding his future, the pressure on Oxlade-Chamberlain would be intense, but Southampton manager Nigel Adkins said the youngster was just trying to focus on his game.
“It must be challenging for any young man and we’ve tried to deal with it as best as we can and be concentrated on the job in hand,” Adkins said.
“He’s getting fitter and stronger and that’s the important thing.”
Oxlade-Chamberlain has made 24 appearances for Southampton this season, scoring six goals.