Thomas Lemar first preference for Liverpool with Alex Oxlade-Chamberlain considered second choice

The Anfield club have already been in talks with Monaco over a £74m deal for Lemar but if that falls through attention will then turn to Oxlade-Chamberlain

Thomas Lemar in action for Monaco last season (Getty)

Liverpool are looking to sign one of Monaco's Thomas Lemar or Arsenal's Alex Oxlade-Chamberlain in the last 36 hours of the transfer market, with the French international currently their first preference.

The Anfield club have already been in talks with Monaco over a £74m deal, but there is pressure to get that done today, as the 21-year-old will be involved in France's World Cup qualifier with the Netherlands at the Stade de France on Thursday's deadline day, and will not be able to complete any move then.

If that cannot be done, Liverpool will turn attention to Oxlade-Chamberlain. The 24-year-old has already turned down a £35m move to Chelsea, because he does not want to play as a wing-back, and feels he has a much better chance of playing in his preferred central midfield position at Anfield.

If Liverpool do not come in, he will likely see out the last year of his contract at Arsenal.

Chelsea had agreed a fee with the Emirates hierarchy but, after asking for time to think about a move, Oxlade-Chamberlain opted against a switch to Stamford Bridge.