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Alex Oxlade-Chamberlain will not require surgery for the knee injury he sustained against Barcelona and could return in less than eight weeks.
Oxlade-Chamberlain was injured when he collided with Barcelona's Javier Mascherano during the first-half of Arsenal's 2-0 Champions League defeat but managed to play on until shortly after the break.
Manager Arsene Wenger feared he would be without the midfielder for the rest of the season but he will be back within six to eight weeks.
"He will be out for six to eight weeks, but he won't need surgery," Wenger told a news conference on Tuesday.
"We feared he would when we saw the MRI scan but in the end it is positive news."
The news means Oxlade-Chamberlain is likely to be available for the final few games of the season as well as Euro 2016.