This is more of a chemistry question than a physics one. We learn about the coefficient of solubility (if I recall correctly) in the equilibrium process where a particular gas dissolves in a solvent (usually water), in unit 4 Edexcel Chemistry.
Depending on the reaction (the number and nature of bond breaking and bond forming), the forward reaction (dissolving) may be exothermic or endothermic. Thus the position of equilibrium may shift with a change in temperature.
Whether it actually dissolves or not would depend on the total entropy change. The rate of the forward would depend on the enthalpy change and the temperature.
If I'm correct (correct me if I m wrong) the dissolving of oxygen in water is exothermic. So an increase in temperature would favour the backward reaction; the oxygen concentration would decrease with temperature. I guess this can be used as evidence for global warming, after measuring oxygen levels over a period of time or in layers of ice in the poles.
+ grain of salt