Arsenal may be able to write-off almost £3 million from the fee agreed over Theo Walcott's original move from Southampton.

The Guardian says Arsenal have come to an agreement with Southampton that may save them £2.9m.

The Gunners signed the then-16-year-old in 2006 in a deal that could have risen to £12m, of which they had so far paid £7m. Due to financial pressures the Championship club have now agreed to accept a total of £9.1m, with the remaining £2.1m to be paid this year, rather than wait for a potentially greater windfall in future.