Arsenal chief Ivan Gazidis will drive new contract talks with Theo Walcott this week.
The Sun says Gazidis is ready to speak with the England starâ€™s representatives â€” possibly in the next 48 hours â€” to end the contract deadlock.
Walcott, 23, who will see his current deal end this season, is set to be tempted with a Â£90,000-a-week salary over five years, bringing him level with top earners such as Lukas Podolski.
And he will also be offered a Â£3m signing-on fee to take the overall package to Â£26.4m.
Walcott and his team held unofficial talks with Gazidis early last month. But he has not had a concrete offer since the summer when he rejected Â£80,000 a week.
The player, who earns Â£50,000 a week, has seen his bargaining power increase due to recent goal-scoring displays in the new central striking role he craves.
He is also incredibly popular with the fans and is desperate to remain in north London.