Throughout this week, reports have emerged that Arsenal may be willing to cash in on Walcott, who has less than two years remaining on his contract and is yet to start in the Premier League this season.
Everton, West Ham United and Inter Milan have all been credited with an interest in the 28-year-old, but according to The Express, Southampton are ready to offer Walcott a chance to return to the south coast.
The England international spent his youth career and early professional days with the Saints, scoring four goals in 21 appearances in the Championship before linking up with Arsenal for £5m in January 2006, despite being two months shy of his 17th birthday.
Southampton are desperately in need of extra firepower, with just 46 goals being scored in their last 45 top-flight fixtures, and Walcott would be able to offer Mauricio Pellegrino pace and versatility.
Walcott could cost anywhere between £12m and £15m, it has been suggested.