Jamie Redknapp believes that Arsenal must do everything within their power to keep Theo Walcott at the club, even if that means breaking their wage structure.

The England international has been in superb form this season scoring 14 goals in all competitions and firing a hat-trick in the sensational 7-3 win over Newcastle last weekend.

Theo Walcott
Theo Walcott celebrates his hat-trick against Newcastle. [Reuters]

The 23-year-old is out of contract at the end of the season and Arsenal have thus far been unable to agree a new deal with the striker. However, Redknapp believes that the Gunners need to keep Walcott at the club and should give in to his wage demands.

Writing in his Daily Mail column, Redknapp said: "There were some typical frustrations from Theo Walcott on Saturday and I'm told some Arsenal fans were shouting 'sell him.' Are they mad?

"Don't get wrapped up in a debate of where he plays, just let him play. And get him that new contract. Pay him what he wants."

Walcott has reportedly asked for around £100,000-a-week after turning down an improved deal of £75,000 in the summer. The Daily Mail also believes that Arsenal have handed the forward a deadline of two weeks in which he must decide whether he is staying or leaving.

It is clear that Walcott prefers to play as a striker and he has excelled when handed the opportunity this season, but it seems manager Arsene Wenger still needs some convincing.

Arsenal recently handed out new deals to five of their British stars and most fans will be hoping that Walcott follows suit and commits his future to the club.

Walcott has always suggested that he would prefer to remain at the Emirates but Arsenal will have to offer him a significant pay increase for him to turn down the higher wages at rival clubs.