Theo Walcott
Arsenal are set to offer a lucrative new contract to striker Theo WalcottGetty Images/Julian Finney

Arsenal are reportedly preparing to offer forward Theo Walcott a new and improved deal that will see him remain at the Emirates Stadium for the next five years.

According to the Mirror, the English striker will have just 12 months remaining on his current deal at the end of the season. As he is considered a major part of Arsenal's future by Arsene Wenger, the manager does not want to wait until it's too late to offer the striker a new deal.

Last time around, the former Southampton forward was on the final year of his contract when negotiations began, which lead to speculations regarding his future.

The report claims that talks are set to begin with his representatives regarding a new deal at the end of the ongoing winter transfer window and the club are hoping that they can reach an agreement by the end of March.

Walcott, who has been a key player for Arsenal in recent seasons recently returned to action after being a year on the sidelines due to an anterior cruciate ligament injury that he suffered in January last year, which also kept him out of the 2014 World Cup in Brazil as well.

It is believed that the Three Lions striker is set to be offered a lucrative new deal, which will make him one of the top earners at the club joining the likes of Mesut Ozil and Alexis Sanchez.

Apart from Walcott, there are a few other players like, Francis Coquelin and Chuba Akpom, who are in the final six-months of their contracts and have been offered new deals by the club.

The reports claims that even Jack Wilshere will be offered a new lucrative deal once he returns from an ankle injury, that has kept him out for the last two months.