Alex Oxlade-Chamberlain and Mikel Arteta are set to receive pay rises after both players impressed for Arsenal last season.

Oxlade-Chamberlain was signed by the Gunners from Southampton the previous summer for nearly £15 million ($23 million) and hugely impressed in his first season in the top flight.

The 18-year-old, capable of playing on the wings and in the middle, became a firm fan favorite with his direct style and fearlessness, no matter what the opposition. Oxlade-Chamberlain, son of former England international Mark Chamberlain, was also called up to England's Euro 2012 squad, where he started in his country's first game against France.

Oxlade-Chamberlain was signed on a £15,000-a-week contract and is now set to nearly treble his wages, according to widespread reports in the British media. Arsenal hope to ward off any interest in the English midfielder, who is seen as one of the brightest prospects of the Premier League.

Another player who had a stellar first season with Arsenal - Mikel Arteta - will also receive a pay hike.

The classy Spanish midfielder signed from Everton on a £10 million ($15 million) deal on transfer deadline day, and accepted a wage cut when he joined the Gunners in search of Champions League soccer.

Arteta immediately settled into the Arsenal side and was key to them making a run which saw them finish third in the English Premier League, after a disastrous start to the season.

It is understood Arteta will be offered around £60,000 a week, similar to the wage he received while he was at Everton.