The contract of the 23-year-old expires in 2013 but is willing to continue negotiations.
Reports says the Emirates side are likely to sell the winger before the summer transfer deadline unless he signs an improved five-year deal worth £75,000 a week.
Walcott joined Arsenal from Southhampton for £12.5m as a 16-year-old in 2006.
He has scored 42 goals in 222 appearances for the Gunners.
Aug. 29, 2012.
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