Theo Walcott is Arsenal's longest-serving player
Southampton are favourites to sign Theo Walcott if the winger leaves Arsenal during the January transfer window.
Sky Sports News understands the position is likely to become clearer in the next week with talks expected between the club and Walcott's representatives, but at present a deal is not imminent.
Arsenal's longest-serving player left Southampton as a 16-year-old in 2006 and he remains a popular figure at St Mary's.
However, Southampton's ability to attract new players is being hampered by their poor recent form in the Premier League.
The Saints may also struggle to match Walcott's £120k a week wages but, if he does decide to leave, he may be willing to take a pay cut to secure more game time and increase his chances of re-entering England manager Gareth Southgate's thinking ahead of this summer's World Cup in Russia.
Walcott is out of contract in 18 months and is unlikely to sign a new deal while he remains on the bench most match days.
Southampton have been linked with Liverpool striker Daniel Sturridge and Fulham's Ryan Sessegnon in this window, but these reports are understood to be inaccurate.