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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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.