The Gunners signed Chambers from the Saints for £16million in 2014 but now the South Coast club want to bring back the player on loan. Southampton lost captain Jose Fonte to West Ham in January and are likely to sell their other prized centre half Virgil van Dijk this summer, leaving them short of centre backs.
Chambers is currently at the European Under 21 Championships with England in Poland, and it is likely any decision on his future will have to wait until he returns home.
The 22 year old was loaned out to Middlesbrough last season, and was part of a defensive unit under manager Aitor Karanka that kept eleven clean sheets in the Premier League. As the Gunners are unlikely to need Chambers to play at centre back, with Laurent Koscielny, Shkodran Mustafi, Per Mertesacker and Gabriel Paulista all in the first team squad, he is likely to be loaned out once again next season.