Theo Walcott
Theo Walcott has fallen out-of-favour at Arsenal due to poor formGetty

Liverpool are preparing a £25m ($36m) bid for out of favour Arsenal forward Theo Walcott as they look to spruce up their attack in the summer. The 27-year-old missed out on travelling with the England squad to the European Championships in France following a disappointing campaign in the second half of last season, where he was struggling for game time owing to a lack of form.

The Evening Standard reports that a four-year deal is on the cards for Walcott as Klopp scours the market for a versatile and pacy attacker. The Gunners have maintained that they want Walcott to stay but a bid for the England international may push Arsene Wenger to reconsider the player's future, especially with the north London club actively searching for a striker in the market.

The Gunners have made an approach for Leicester City striker Jamie Vardy but are yet to receive a response from the player regarding his decision. The 29-year-old is currently with the England team at the Euros and is likely to inform the Gunners on where he is going to play after the tournament ends.

Meanwhile, Leicester City manager Claudio Ranieri has maintained that the final decision to stay or move will depend on Vardy and no pressure will be on him to decide against his will. The former Chelsea boss confirmed that the Gunners have met his full release clause but the striker's decision is still pending over a transfer.

"We want to keep him, Arsenal have said they will pay the full release clause, but he hasn't accepted yet. He gets the last word," the Italian manager said, as quoted by football-italia.net.

Ranieri revealed that it will be an extremely difficult task to repeat what they had achieved last season but hopes to keep all his players and give a good account of themselves.

"At the start of the season, the objective we set with the President was 40 points. I always thought positive in my life, but we all really started to think something could happen after the Arsenal game, when we were down to 10 men.

"I know a very difficult Premier League campaign awaits us, because what we did cannot be repeated. I hope to keep all my champions and add a few reinforcements," the Italian coach added.