Arsenal boss Arsene Wenger has told Theo Walcott he owes them.
The forward, 23, has so far refused all offers to extend his six-year stay.
The Emirates chief - who yesterday saw his side draw Bayern Munich in the last 16 of the Champions League - said: "Somewhere along the line they need to give back to the club what the club has given to them.
"I won't sell him in January, that is for sure, because my gut feeling is that he belongs to this club and I am always convinced he will stay."