Arsene Wenger believes Theo Walcott will decide to stay on at Arsenal and claimed the disagreement over a new contract is not motivated by money.

The Gunners manager was responding to reports this week that said the England winger had rejected a new deal at Emirates Stadium, sparking claims the club were ready to sell him before the transfer window closes.

Walcott has less than 12 months left on his current deal and Arsenal could risk losing him for nothing next year.

However, Wenger insisted he would not be sold this summer and claimed negotiations were not far from being complete.

“His situation is simple - he will stay with us and play for us,” Wenger told reporters.

“He has one year to go, either we do find an agreement with him to extend the contract or not for a longer period - that's what we want to do. I think Theo loves the club, contrary to what some media describe he is not obsessed by money, there is just a little difference and at some stage we hope we can find an agreement.”

Many reports claimed Arsenal were resolved to sell the 23-year-old before the transfer window deadline this Friday, but a meeting between him and Wenger has lead to that stance softening.

Club policy in recent years has been to cash in on players who refuse to sign an extension with just a year left on their contracts, rather than allow them to leave the club on Bosman free transfer.

Arsenal are no strangers to this, with the Samir Nasri move to Manchester City last year and Robin van Persie’s £24million transfer to Manchester United two weeks ago being examples.

A 16-year-old Walcott joined the Gunners in 2006 from Southampton in a deal worth £12.6million and he has made 222 appearances for the north London club since.

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