Everyone wants a piece of Theo

Fabio Capello claimed Walcott, 19, can be a “world-class” player after his stunning display in the 4-1 win against Croatia on Wednesday night.

His stirring deeds have made Walcott more than a hero. They will make him very rich.

Within minutes of Walcott leaving the pitch in Zagreb, his agent was taking calls from people desperate to take a slice of the new pin-up boy. And Arsenal were quick to react.

His performance will have been noted by Manchester City, Chelsea and Real Madrid, especially as his Gunners contract has little more than 18 months to run. In the summer, Arsenal chiefs told Walcott they would wait until December to start negotiations about a new deal. 

But those talks are likely to be moved forward as a matter of urgency.

Having signed as a 16-year-old in 2006 from Southampton, Walcott is well down the pay scale on about £20,000 a week. 

Even though the youngster has no desire to leave Arsenal, the club will have to at least treble his wages to secure his future.

Having seen Mathieu Flamini join AC Milan on a free transfer in the summer, Gunners boss Arsene Wenger does not want to risk losing Walcott. Arsenal’s marketing men will also want to see Walcott stay.

Walcott has a sponsorship deal with Nike, the sports company Garry Cook left to become executive chairman at Manchester City. 

Cook was president of Nike’s Michael Jordan brand and will be well aware how profitable Walcott could be to City, on and off the pitch.

Following the Abu Dhabi takeover, City boss Mark Hughes has almost limitless funds to strengthen his squad.

“If the right player is attainable, then we have the means to pay a bit extra,” said Hughes. “But we are still looking for value. We are still looking for good, young players who will gain in value.”

Wenger, though, last night hit out at City’s new ‘fantasy football’ approach to the transfer market.

“Clubs should live within their natural resources,” said Wenger. “If you push that too far, there are no rules any more.

Once you get to the prices mentioned on the TV or in the newspapers, where is the logic? There is too much destabilisation.

“Football is not a supermarket. There is money in the game and I take it in a positive way, but the football bodies have to make sure that money is ruled properly and used well for the ethic of the game.”