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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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.