Walcott and his representatives reportedly informed Arsenal over the week-end that he has declined the lucrative extension to his current Arsenal contract which expires next summer. Talks continued today, however the refusal to sign on with Arsenal immediately suggests a hesitation over his future with the club, with questions over the direction Wenger's side is heading.
The sales of Robin van Persie and Alex Song this summer and the previous bitter waves of goodbye afforded to Cesc Fabregas and Samir Nasri the previous summer have clearly left Walcott questioning the ambition of Wenger. The start to the season has done little to quell worries over significant departures from the team, with a goal in the League yet to be achieved by Arsenal's new look front line.
While Wenger has added to the squad with the signings of Lukas Podolski, Olivier Giroud and Santi Cazorla - all impressively talented players in their own right, costing the club almost £40 million - it is understandable for current players to feel worried about the future of their club, especially as top teams around them add to their squad without sacrificing their best players in order to do so.
Clubs interested in Walcott include Liverpool and Chelsea, with Arsenal hoping to bring in at least £15 million from the sale of the youngster who they purchased from Southampton in 2006 for a fee which eventually rose to £12 million.
Walcott has hit his best form so far with Arsenal over the past two years, reaching an all-time high of 13 assists last season, improving on the 11 he managed the season before. His contribution to the attacking force of Arsenal has been far more significant in recent years, showcasing the improvement in his football well, but inconsistency does remain a factor, with crosses still yet to be perfected and decision making still in question at times.
His pace however is his greatest feature, and it is something which has attracted some top clubs. Liverpool's spending is yet to be completed, with Brendan Rodgers insisting that more depth to his squad is required, whilst Manchester City may also hold and interest in Walcott as their deal to sign Swansea's Scott Sinclair stalls.
Wenger will hope that further discussion with Walcott persuades him to stay at the Emirates, as the French manager has described the winger as "very important" to his Arsenal side, but here lies the issue with letting the best players go - it sets an unwelcome precedent and gets other players thinking about their own future too.
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