Walcott will enter the final 12 months of his deal at the Emirates this summer.
The England striker has yet to be offered a new contract by Arsenal, despite moving to dismiss rumours of a bust-up with boss Arsene Wenger.
But according to The Times, Chelsea are monitoring Walcott's situation and may make a move for him at the end of the season.
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Chelsea are reportedly considering a free transfer move for Theo Walcott
Liverpool are also interested in the 26-year-old as a potential replacement for Raheem Sterling, who is involved in his own contractual stand-off with the Reds.
Chelsea were keen on Walcott when he entered the final year of his deal three years ago, but he eventually signed fresh terms.
The Blues are keen to add more home home-grown players to their squad, although Walcott is said to prefer to stay at Arsenal.
The former Southampton flyer started in England's 1-1 friendly draw with Italy last night as he looks to kick-start his career following a year out with knee ligament damage.
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