The Serie A outfit are already benefitting from the loan system with Manchester City outcast Micah Richards and it seems Vincenzo Montella is keen to carry on in the same vein in January. Fiorentina are ready to offer Walcott the chance to link up with his compatriot along with Juan Cuadrado and Mario Gomez for the second half of the season.
Walcott has only played nine minutes of football for Arsenal since returning from a serious knee injury that has kept him sidelined for 10 months. With Alex Oxlade-Chamberlain and Alexis Sanchez in mercurial form, his route back into Arsene Wenger's plans are far from assured.
And it is Arsenal's embarrassment of riches in the wide areas that are tempting the Viola into making the audacious offer. They feel Walcott could benefit from the first team opportunities they can offer him. If they agree to pay the 25-year-old's £100,000-a-week wages, it could be a tempting proposition for the Gunners.
Along with Sanchez and Oxlade-Chamberlain, Wenger can also choose from Mesut Ozil, Santi Cazorla, Lukas Podolski, Joel Campbell and Serge Gnabry. That makes the wide forward positions the most competitive in the Arsenal line up and increases the likelihood of Walcott continuing his rehabilitation away from the Emirates.
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However, in reality it is highly unlikely that Wenger will allow another team to take over what will be a delicate situation for the former Southampton forward. While Walcott is back to fitness, he will be in danger of knock on injuries if he is not managed properly over the next few months.
Such afflictions were suffered by Abou Diaby after he returned from a broken ankle and Aaron Ramsey took the best part of a year to get back to his best following his rehabilitation from a horrific leg break.
While regular first team football will be Walcott's main aim, Wenger will feel that the options he has will allow the England international to get back to his best without the pressure of being a crucial first team player.