Walcott has, at times, born the brunt of the criticism for Arsenal's failings this term, although is expected to be offered a new contract at the end of the season.
Chelsea, however, appear set to test the resolve of the Gunners by making a move for the 22-year-old when the transfer window opens once more in the summer.
According to The Sun, the Blues are keen on Walcott and an proposed exchange deal involving Sturridge would not be out of the question.
Sturridge has reportedly been angered of late by Andre Villas-Boas persistently employing him out of position for Chelsea, with the 22-year-old favouring a role as a central striker rather than winger.
Arsene Wenger, meanwhile, is in need of goalscoring reinforcements to ease the burden on Robin van Persie, and the acquisition of Sturridge could go some way to solving his problems.