The other player in Arsenal with just a year in his contract remaining - Theo Walcott - is reportedly wanted by Paris St Germain and Chelsea.

According to reports in the English press, Chelsea have been monitoring Walcott's contract situation for a while now, and are ready to put in an official bid as the Blues look to strengthen further for the upcoming season.

Walcott earns around £65,000 a week ($102,000) and is looking to earn around £100,000 a week ($157,000). It is also being claimed that some of the Arsenal management is unhappy with Walcott's performances in an Arsenal shirt and will be ready to offload the winger, if given an opportunity.

A bid of around £15 million ($23.5 million) might tempt Arsenal to let go of their England international. Chelsea are interested and ready to test the waters while PSG coach Carlo Ancelotti is also a keen admirer of Walcott's talents.

Walcott was one of England's best performers in Euro 2012, which has seen his stock rise considerably.

PSG are backed by rich Qatari owners, and money should not be an issue, with the French club also reportedly interested in Arsenal captain Robin Van Persie.

It is, however, highly unlikely that Arsene Wenger will sanction such a deal. Walcott had his best season for the Gunners last campaign, netting 11 goals and will look to further improve his scoring prowess.

Wenger is a big fan of Walcott and sees him as an important part of the British core that he is looking to build with the likes of Jack Wilshere, Kieran Gibbs and Aaron Ramsey.