The transfer of Mykhailo Mudryk is being discussed by the two parties.
A number of clubs across Europe are interested in the 22-year-old, who is one of the most highly rated young forwards in the game.
The two clubs are still in talks about a possible deal, despite the fact that a bid for the Ukranian has been turned down.
The injury to Gabriel Jesus has led to the need for a forward for the north London club.
The club needs to bring in the right signings according to manager Mikel Arteta.
A picture of Shakhtar's director of football, Darijo Srna, was posted on the internet last week as a result of the loss of a team in the premier league.
Oxford are in the third round of the FA Cup tonight and are currently fifth in the league.