Liverpool and Arsenal are reportedly considering a deal which would see Theo Walcott and Raheem Sterling swap clubs this summer.

Both players have been heavily linked with moves away from their respective sides in recent weeks, and it is claimed by the Daily Star that Arsene Wenger and Brendan Rodgers would be open to an exchange.

Should a deal go through, it is suggested that the Reds would also want at least £20m for their star winger.

Sterling is said to be open to a move back to London, although with two years still left to run on his contract, and a number of clubs supposedly interested in signing him, the ball remains firmly in Liverpool's court as far as any transfer is concerned.

Meanwhile, Walcott has just one year left to run on his Gunners deal, with Wenger apparently keen to cash in at the end of the season.