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Theo Walcott is about to sign a four-year extension to his current contract with Arsenal, to the disappointment of Liverpool, who were among clubs chasing the 23-year-old.

The Gunners’ winger has been offered a deal which will see him earn around eighty thousand pounds a week. He is presently on a sixty thousand pounds a week contract, signed back in 2009. Walcott’s current contract expires in 2013 and the club are keen to avoid another Cesc Fabregas situation, which resulted in the player’s joining Barcelona.

The England regular, who turns 23 in March, has expressed interest in listening to what Gunners have to say. The likes of Liverpool are said to be interested in signing Walcott, and Arsenal are eager to prolong the contract before it runs into its final season, as he would be available for free in the summer of 2013.

It is thought that talks with the player and his representatives have been going well and he is close to signing the new contract. Although many question such a massive pay rise for a player whose future production is uncertain, Arsenal are not willing to take any chances and are hoping to retain their current starting eleven next season.