Walcott’s representatives were scheduled to meet with the club on Wednesday, after they indicated their interest to finally end the contract stand-off, by offering him an improved offer.
The intial deal Arsenal offered was worth £75,000 per week but Walcott’s camp wanted a contract close to £100,000. It seems both parties will now settle for a compromise of £90,000 a week.
The 23-year-old England international, had given a hint that he was ready to pledge his future to the Gunners, after the Newcastle game, where he scored a stunning hat-trick.
“I’m sure that something will be sorted very soon,” he said. “I’ve always said I wanted to stay and I enjoy playing for this team. Now we will just see what happens.
“I will continue to play my football and let the people who look after me and the club talk to each other and go from there.”