Walcott received bumper Arsenal contract offer yesterday
The Mirror says Walcott, currently injured after surgery on a dislocated shoulder, has 18 months left on his current contract and had been waiting on Arsenal to open negotiations on a new deal.
But the 19-year-old star's representatives met with Arsenal chief executive Ivan Gazidis yesterday and the Gunners are ready to present Walcott with a double-your-money offer that will net the star £13million over five years.
Arsenal are confident they can persuade him to pledge his long-term future to the club. Real Madrid and Manchester City are hovering but Walcott, who joined Arsenal for £10m in 2006, will stay on if the deal is right.