Walcott may go for just £400,000

Striker Walcott’s £20,000-a-week deal runs out in 18 months and, despite assurances, discussions on new terms have yet to begin. 

That could soon change with Ivan Gazidis due to start work as Gunners chief executive this month. But Real Madrid are aware that, as it stands, Walcott could open talks with foreign clubs next January. Manchester City, Chelsea and Liverpool are also monitoring the situation.

Walcott could even buy himself out of the last year of his contract for £1million in May, but that is not an option the player or his advisers are currently considering. 

Because Walcott is only 19 Arsenal would be entitled to compensation if he decided to see out his contract and join another club. But, under present FIFA rules, the Gunners would only be able to claim training costs of less than £90,000 for every year he had spent at the club. 

Knowing Walcott’s current transfer value is in excess of £20m, Gazidis is believed to be keen to sort out Walcott’s contract and make sure the club keeps him at the Emirates.