Chambers joined Arsenal in 2014 and has since made 83 appearances, as well as having a successful loan spell at Middlesbrough in 2016-17 and picking up three England caps.
Ricardo, the father of Uruguay midfielder Lucas Torreira, has admitted that his son is set to complete a "scary" transfer to Arsenal, after the 2018 World Cup.
The 23-year-old - whose global career has stalled since joining Arsenal from Southampton in 2014 with the last of his three caps coming four years ago - says he is keen to prove he is worthy of a regular run out for the first team to new manager Unai Emery.
However, the Spaniard is also in the market for a defensive midfielder as neither Granit Xhaka nor Aaron Ramsey are capable of protecting the back four and Torreira has emerged as a prime target in recent weeks with widespread reports suggesting Arsenal are closing-in on a deal to sign the South American.
Torreira is thought to have agreed a move to the Emirates but has yet to undergo his medical at the club.
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Lucas Torreira has turned down the opportunity to undergo a medical in Russian Federation ahead of his move to Arsenal.
"Arsenal fans are getting excited about him giving his performances at the World Cup". Full T&Cs Apply. 18+|Gamble Aware.
"It is as good as a fact that Lucas will join Arsenal".
Arsenal chiefs were willing to fly medical staff out to Russian Federation to get the deal signed off, but his father has insisted there is no rush. "We are satisfied with what they offered us, but let's wait a little longer until the World Cup ends".
'The deal is virtually done and only the arrival of Lucas is remaining.