Walcott has long been linked with the likes of Liverpool and Chelsea.
But the Premier League duo will now face competition from Inter Milan in the race to sign the former Southampton star.
Walcott’s current contract with the Gunners is set to expire next summer.
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.