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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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.