According to Wayne Veysey of, contract-rebel Theo Walcott is set to pen a new deal with the North London outfit.

The England international has been embroiled in a lengthy wage-war with the club since the start of this term, but the report from suggests that this much-hyped contract-saga could finally coming to an end.

Via Goal:

“Theo Walcott is poised to sign a new Arsenal contract this week, can reveal.

The England international is close to finalising improved terms following fruitful talks over the last fortnight. understands that Walcott will put pen to paper on a deal that runs until 2017.

The 23-year-old's salary will climb from €74,000-a-week to around €110,000-a-week under the new agreement, which will be bolstered by top-up bonuses and a multi-million pound signing-on fee.”

Walcott has been a pivotal part of the Gunners team this season and has started all of his side’s last five games, netting four times en-route.

He might have been ‘overlooked’ by Wenger at times, but the Englishman has still managed to top his team’s scoring chart for the 2012/12 season with a total of 14 goals.  

Various European giants were closely monitoring Walcott’s volatile situation at Arsenal, including the likes of Chelsea and Manchester United.

Arsenal have already seen two of their best players, namely Robin van Persie and Alex Song, leave in the last transfer window and hence this contract update will surely come as a pleasant news for the Emirates Stadium faithful. also states that Wenger and his staff are also looking for possible additions during the current winter transfer window.

Barcelona striker David Villa and Atletico Madrid Adrian Lopez are classified as “Le Professeur’s” top targets, although it is highly unlikely that the former would be allowed to leave his Catalan side before the end of the season.