Current deal would see the striker be in the final year of his contract after this summer.
Arsenal will offer Theo Walcott a new, five year contract to try and avoid tough negotiations as the forward approaches the last 12 months of his current deal.
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The North London club are acting quickly as they are keen to avoid a repeat of the antics Walcott and his representatives pulled last time his contract was up for discussion.
The former Southampton man claimed he wanted to play upfront but that Arsene Wenger wouldn’t allow it which led to speculation he could leave on a free deal before he signed a bumper, new deal with a hefty wage rise.
The 25 year old’s agents will begin talks with the club later this month, reports Daily Mirror and Arsenal are key to tying him down on a five year contract as Wenger sees him as the future of Arsenal’s attack.
Walcott has only just recovered from a long-term knee injury he suffered during Arsenal 2-0 win over Tottenham in the FA Cup last season and is still looking to get back to his best.
Arsenal have also moved to get Francis Coquelin and Jack Wilshere signed up to new contracts.
Coquelin is said to have already committed to a new, four year deal whilst Wilshere will be offered improved terms when Arsenal begin negotiations on his return from injury.