Arsene Wenger issued Theo Walcott 48 hours ultimatum to sign new 5-year contract

Arsenal manager Arsene Wenger has given Theo Walcott the next 48 hours to decide whether he wants to sign a new five-year contract worth £75,000 per week — or be sold.

Walcott, 23, could even be ditched before the close of the transfer window on Friday, with Manchester City and Liverpool asking to be kept informed. The north London club will demand a £12million fee.

If Walcott turns down the contract offer, Arsenal have a familiar choice to make — sell him now or risk losing him on a free transfer next summer.

Walcott, who is in the final 12 months of his deal, is yet to sign a contract extension and, while negotiations are ongoing, it is looking increasingly unlikely that he will put pen to paper. It appeared he was on the brink of turning down the £20m contract offer.

Liverpool and City, whose move for Scott Sinclair is on the rocks, are pondering a last minute move.