El Tel wrote in The Sun: "The England star is yet to agree a new contract with the club, even though his current deal expires in the summer.
"Word on the Holloway Road is that Walcott, currently on £65,000 a week, has rejected new terms of £80,000 a week.
"Some have said he is holding out for £100,000 a week. But I hear from well-informed sources that he would sign on the dotted line like a shot for £85,000 a week.
"To put it into perspective, that is five grand a week LESS than Andrey Arshavin earns.
"I do not see why they are quibbling over £5,000 a week. Even if it is more, surely Theo's worth it?"