Report: Theo Walcott to sign new Arsenal contract this week

Theo Walcott will reportedly sign a contract extension at Arsenal this week.

According to Goal.com, the 23-year-old forward is to close to agreeing a new deal with the Premier League club that will see him remain at the Emirates Stadium until 2017.

It has been reported that Walcott, who currently earns £60,000 per week, will get around £90,000 every week under the new terms.

Walcott, whose current contract with the Gunners runs out at the end of the season, is free to sign a pre-contract with a foreign club this month.