Reports claim the Russian side are ready to make a bid for the winger in the January transfer window.
Walcott’s current contract with the Gunners is set to expire at the end of the season and the winger has so far refused to extend his deal.
The winger has previously been strongly linked with a number of Premier League and Serie A clubs.
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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
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