The 'I Believe' work uses the strapline, "Hydrates and fuels you better than water," across close-up images of the two footballers, to push owner GlaxoSmithKline's (GSK) association with sport.
The campaign, created by Grey London, launches later this week and will run across TV, digital and press platforms, including sampling activity.
It launches with ambassador Bale a hot topic in the sports world, with reports linking the Tottenham Hotspur star with a record £85m transfer to Spanish club Real Madrid.
Both Bale and Oxlade-Chamberlain are being used in the campaign to support the claim that Lucozade Sport helps sports participants across the
Steven Spinola, senior brand manager at Lucozade Sport, GSK, said: "The ‘I Believe’ campaign will bring the Lucozade Sport 'Hydrates and fuels you better than water' claim to life and reinforce how we are combining our scientific expertise with product innovation to help athletes across the UK and Ireland to reach their sporting potential through nutrition."
It was revealed earlier this year that GSk is preparing to sell its Lucozade and Ribena brands, with AG Barr expected to bid.