The two parties have agreed to part ways, but there has been disagreement over England midfielder's payoff.
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Besiktas initially wanted to pay out Oxlade-Chamberlain's contract in installments. However, it has now been agreed that the 31 year-old will receive what is owed in one payment. His deal has less than a year to run.
Soon to be a free agent, Oxlade-Chamberlain is eyeing an England return and the former Liverpool midfielder is a target for promoted Leeds United.
Oxlade-Chamberlain produced five goals and one assist in 50 appearances with Besiktas.