Arsenal winger Theo Walcott is keen to begin talks about a new contract, while Manchester City and Liverpool are monitoring his situation.
Walcott is keen to sit down with manager Arsene Wenger about his future at Emirates Stadium, but both Kenny Dalglish and Roberto Mancini would be willing to swoop if there are difficulties, according to Goal.com.
The report claims that two informal meetings have already taken place, but Walcott feels personal talks with Wenger are important before any new deal can be discussed.
Walcott is settled in the south-east, which could be a factor if any mild interest out of the Etihad Stadium or Anfield were to become concrete.
The report also states that Arsenal are keen to avoid a repeat of the Samir Nasri episode from last summer.
That was a situation whereby the French midfielder was allowed to move into the final year of his contract and the Gunners were forced to sell after he did not sign a new deal.
Arsenal are having another difficult period in the league, suffering three straight losses, which has put their ability to return to the top four and Champions League qualification in doubt.
A lack of Champions League football would be a major factor in any contract negotiations, as the drop in revenue is likely to limit anything the club can offer.