Theo Walcott
Liverpool are monitoring negotiations between Arsenal and Theo Walcott and will make a move if contract talks fail Getty Images/Julian Finney

Liverpool are reportedly monitoring contract negotiations between Arsenal star Theo Walcott and his current employers, as the forward enters the final year of his current deal with the club.

According to the Mirror, the Reds are big admirers of the forward and are considering a summer move if he fails to agree a new deal with the Gunners.

Arsene Wenger revealed that the club had begun talks with Walcott's representatives but warned that like the previous time, the talks could be a long-drawn-out affair.

But unlike last time, the club currently holds the aces as the winger has lost his place in the starting XI following his return from a long-term injury and is not yet a vital member of Wenger's squad as the likes of Alex Oxlade-Chamberlain, Danny Welbeck and Alexis Sanchez ahead of him in the pecking order.

The French manager is keen to tie him down to a new deal but has warned the speedy winger that he has to fight to regain his place in the team.

Brendan Rodgers has been an admirer and tried to sign the England international in 2013, before he penned his current contract.

Apart from being an admirer, the Reds boss has earmarked Walcott as a perfect replacement for Raheem Sterling, who is yet to agree a new deal with the club.

The two wingers have similar traits and the Liverpool star will also enter the final year of his contract at the end of the current campaign and has rebuffed various attempts by Liverpool with regards to a new contract.

With Real Madrid and Bayern Munich showing interest in the Reds winger, the club are hopeful of reaching an agreement sooner rather than later.

Walcott has been frustrated of late, as he has not featured regularly since his return. But, the manager confirmed that this was not due to contract issues, but because of fitness concerns due to the lengthy injury spell, which kept the forward out of action for a whole year.