Walcott in talks about extending contract at Arsenal

Theo Walcott has opened talks with Arsenal over extending his contract, but the two parties remain a significant distance apart in their negotiations, The Daily Telegraph says.

It was reported that Walcott was close to signing a five-year £50,000-a-week deal that would keep him at Arsenal until 2014, but it is understood that the club’s initial offer fell below that mark.

Negotiations are still ongoing and, although Walcott wants to stay, there has been frustration that the situation is not resolved, particularly as the £20,000-a-week deal he signed after moving from Southampton expires at the end of next season.