Arsenal boss Arsene Wenger has revealed that Theo Walcott is on the verge of signing a new contract with the club.

The 26-year old forward is contracted with the Gunners until next summer but is close to putting pen to a new deal amidst continued transfer speculation.

Wenger told reporters after Sunday's 1-0 win over Wolfsburg in the Emirates Cup, in which Walcott scored the only goal, that the England international would soon commit himself to the north London club.

"Not yet but we're getting closer and closer," said Wenger when asked on Walcott's current situation.

"Hopefully we can finalise it very soon."