The Daily Mail reports how the mischievous pair would refer to themselves as the 'underwear bandits'; a nickname borne out of their reputation for terrorising neighbouring team-mates at the south coast club's academy digs, with underpants on their heads.
Despite moving on to play for fierce north London rivals, Bale and Walcott remain great friends off the pitch, while on it, they've gone on to establish themselves as two of the hottest properties in the Premier League.
Welshman, Bale's fine form this year has seen the Spurs star nominated for both the PFA Player of the Year and PFA Young Player of the Year award, with the winner set to be announced on Sunday, while Walcott too has turned in his most impressive season to date at the Emirates Stadium.
"I have no idea where it came from, but if you were in your room watching a film and someone burst in with their boxers on their head, you knew you were in trouble.
"Sometimes it wasn't even pillows - it was shoes and stuff like that. Luckily I was always quite quick, so I tended to get away with it."
With both Arsenal and Tottenham chasing a top four finish in the Premier League this campaign, don't be surprised to see the underpants on show again if both 'underwear bandits' help their respective side's secure Champions League qualification.