Liverpool and Manchester United have been linked with a move for the versatile midfielder in recent months but Arsenal are determined to keep him.
Chamberlain only has a year left on his existing contract at Arsenal, with the club ready to offer him a new deal in the excess of £100,000-a-week.
The England international has impressed in the latter stages of last season and showed his versatility by playing in an unfamiliar wing-back role where he adapted superbly.
Arsene Wenger wants to keep the 23-year-old and it is thought the Frenchman will begin talks with the player and his representative over a new deal in the next few weeks.
Arsenal fans have taken a shine to Chamberlain since his arrival from Southampton in 2011 and many will want to see him at the club next season rather than at a rival one.