Theo Walcott is reportedly close to agreeing a new Arsenal contract which will see him earn £25m over five years.

The England forward's current deal expires at the end of the season and there were suggestions that he would leave on a free transfer in the summer.

Manager Arsene Wenger has continually insisted that Walcott will commit his future to the Gunners, despite the 23-year-old having stalled on negotiations since August, when he apparently rebuffed a £75,000-a-week offer.

However, according to The Mirror, he is now nearing an agreement which would see him sign a £90,000-a-week contract, which also includes a hefty signing-on fee, to stay with the Gunners until 2017.

Walcott has scored 14 goals in 24 Arsenal appearances this season.