The 24-year-old midfielder, who made 132 Premier League appearances for the Gunners since joining from Southampton in 2011, agreed a long-term contract, Liverpool said in a statement on their website on transfer deadline day.
Now the question over who will join Oxlade-Chamberlain at Liverpool hangs in the air, with Van Dijk's enduring links with a move to Anfield continuing throughout this summer.
Oxlade-Chamberlain reportedly rejected Chelsea in order to join Liverpool in a £35million deadline-day move, which could reach a value of £40m.
It has been a record-breaking transfer window in the Premier League, with clubs using money received from bumper broadcast deals to spend 1.2 billion pounds ($1.55 billion) on players so far.
That is according to player-turned-pundit Gary Neville.
Gibbs came through the youth ranks at Arsenal but, having played regularly between 2012 and 2015, he subsequently found himself on the fringes of the first team.
"Coutinho, Can, Henderson, Lallana, Salah, Mane, Firmino all play in front of him. But I think he's a very, very positive signing".
However, Liverpool boss Klopp was quick to highlight Oxlade-Chamberlain's versatility but refused to assign the new signing to one position.
"I want to publicly thank Arsene [Wenger], the coaching and club staff and my wonderful team mates for all the incredible opportunities I have been given".
"The biggest thing in terms of his impact is his assists and goals". Now, we're nearly saying Liverpool have got a brilliant deal, I'm not sure why the shift in opinion, I think he's still got to prove himself. "He could play as a No.8 but we really like him as a wide player".