Arsenal  is set to shell 26 million pound to get star player Theo Walcott  sign a new contract with the club, as club's chief executive, Ivan Gazidis, prepares to speak with the England star's representatives to end the contract standstill.
Walcott, 23, who will see his current deal end this season, is set to be tempted with a 90,000 pound-a-week salary over five years, bringing him level with top earners such as Lukas Podolski , the Sun reports.
Walcott will also be offered a three million pound signing-on fee to take the overall package to 26.4 million pound.
Walcott and his team held unofficial talks with Gazidis early last month. But he has not had a concrete offer since the summer when he rejected 80,000 pound a week.
The player, who earns 50,000 pound a week, has seen his bargaining power increase due to recent goal-scoring displays in the new central striking role he craves.
Walcott is also incredibly popular with the fans and is desperate to remain in north London.
Even though Chelsea and Manchester City want him, Walcott is desperate to commit his long-term future to the Emirates. (ANI )