Crystal Palace had an initial offer of £16m rejected last week by the Gunners, who are holding out for a fee in the region of £20m.
Arsenal signed the defender for £16m from Southampton in 2014 meaning they would make a profit of £4m. The two clubs are in negotiations for the player and there is hope a deal can be done.
Chambers spent last season on loan at Middlesbrough and became a regular starter for Karanka's team. Now the Englishman is attracting interest from Everton and former club Southampton so Crystal Palace will be looking to get a deal over the line sooner rather than later.