Theo Walcott rejects new Arsenal deal

Theo Walcott's future at Arsenal is in serious doubt after discussions over a new deal broke down.

Walcott's future at Arsenal has been in the balance for some weeks. The player has entered the final 12 months of his deal at the London club but, after a period when negotiations over an extension were put on hold, his advisers reopened discussions with Arsenal last Friday and a final five-year offer worth around £75,000 a week was duly put to the winger.

However, it is understood Walcott's representatives informed the club over the weekend that they would be rejecting that proposal.

Further talks took place on Tuesday but, while Arsène Wenger is instinctively keen to retain Walcott's services, he and the club's hierarchy have now made it clear that they will look to sell the winger before Friday's deadline unless they receive a clear indication that he is ready to commit his future.

Arsenal, who have stressed to Walcott that they invested considerable faith in the winger when signing him from Southampton in 2006, would seek to raise about £15m through Walcott's sale rather than allow the 23-year-old to leave for nothing next summer, and would be willing to enter negotiations with both Liverpool and City.

Walcott has made 222 appearances for Arsenal, scoring 42 goals, since his switch from Southampton though the suspicion remains that the London club have yet to coax real consistency from the player.

The player had indicated towards the end of last year that he wished to remain at the club and requested talks, though those formal discussions did not commence until after his participation in Euro 2012 with England.