Arsenal star Theo Walcott is set to open talks over a new £3 million-a-year contract this week.

Walcott has 18 months left on his current deal but such is his magnificent form for club and country, boss Arsene Wenger is ready to double his wages to £60,000-a-week, says the News of the World.

Walcott, a £12m signing from Southampton in January 2006, is happy at the Emirates despite Chelsea and Real Madrid interest.