Everton boss Sam Allardyce has admitted that the Toffees needed to see off a number of clubs in order to secure the signing of Arsenal winger Theo Walcott.

On Wednesday, Everton announced that Walcott had penned a three-and-a-half-year deal at Goodison Park, with the Merseyside club said to have paid a fee of £20m for his signature.

Allardyce has claimed that the club have pulled off a "shrewd" piece of business in order to bring in Walcott, who leaves Arsenal having made a total of 397 appearances in all competitions.

The 63-year-old told the club's official website: "I am thrilled. There was a bit of a chase between a couple of clubs but I think after we set out the ambitions of the club and my ambitions for him he was motivated to come here and refreshed in his mind by the new challenge he can put upon himself.

"He wants to go somewhere where he can be successful. He wants to play every week and really take his career forward again.

"We have looked at the amount of goals, assists and pace that he brings to the side and it is a very good acquisition. There was a lot of shrewd negotiation by the club in terms of today's prices and, hopefully, it will prove to be exceptionally good value for money."

Walcott could make his debut when Everton host West Bromwich Albion on Saturday afternoon.