Theo Walcott will reportedly end speculation about a January transfer away from Arsenal by signing a new long-term deal with the Gunners later this week.

The 23-year-old is out of contract at the end of the season and has frequently been linked with a move away from the Emirates Stadium but, according to, Walcott is poised to extend his stay with the club.

Walcott is reportedly set to sign a contract that will run until 2017, and will see his Arsenal salary increased from £60,000-a-week to around £90,000-a-week, along with new bonus payments.

The Arsenal winger will also reportedly receive a significant signing on fee from the club and Walcott could be officially signed up before the Gunners face Manchester City on Sunday.

Manchester City were one of several Premier League clubs reported to have been monitoring Walcott's situation at Arsenal, with Manchester United, Chelsea and Liverpool also credited with interest in the England international.

Walcott has outlined his importance to the Arsenal cause of late, with the former Southampton youngster proving he has the credentials to play as a centre-forward after being given the opportunity in his favoured role by Arsene Wenger.

Arsenal have started their past five matches with Walcott as a central striker, and he has responded by finding the net on four occasions - including a memorable hat-trick in the 7-3 thumping of Newcastle.

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