Theo Walcott has rejected Arsenal’s final offer, which opens the door for Manchester City and Liverpool to try to sign the Gunners winger away from the Emirates Stadium before the transfer window closes on Friday night.

This is worrying news for Arsenal. First it was Robin van Persie. Then Alex Song. And now Theo Walcott looks like he may leave the club this summer. The England international is in his final year of his contract. And if he’s not signed in this transfer window or next, he’ll leave the north London club on a free transfer.

Unfortunately, it’s a similar story for Arsenal fans. With the loss of van Persie and Song this summer, and the potential loss of Walcott, Arsenal supporters will also remember that the club lost Cesc Fabregas, Gael Clichy and Samir Nasri last summer.

Walcott was reportedly offered a five-year contract worth around £75,000 a week, which was rejected by his representatives.

While Walcott has made more than two hundred appearances for Arsenal, the emergence of Alex Oxlade-Chamberlain as a star winger will be comforting for Arsenal fans even if Walcott does leave, as expected. But the worrying sign for Arsenal supporters is the talent drain from London N5 — which continues to be a combination of the club unwilling to pay hefty wages as well as a lack of silverware in the cabinet.

As a footballer, Walcott has been frustrating to watch. The level of his play goes in extremes from simply incredible to frustratingly poor. He still has a lot of room for improvement in his game, but there’s no doubt that he possesses a wonderful raw talent that can, at times, split defenses apart.

Where do you think Theo Walcott will end up at the end of this transfer window?

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