Walcott was in dispute over a new deal with the player wanting to be played as a centre forward by Arsene Wenger.
The news may prompt Wenger to become active again in the transfer market.
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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.