And his struggles for first-team action this campaign could see him leave the north London outfit alongside fellow stars Alexis Sanchez and Mesut Ozil.
Arsenal forward Theo Walcott could be set for a sensational return to Southampton in January
The 28-year-old is yet to start a Premier League fixture for Arsene Wenger’s side this season
With just 18 months left on his current £110,000-a-week deal at the Emirates, the Daily Express report that Arsenal have no plans to extend his contract.
That news has alerted Southampton, who sold the England forward to the Gunners in 2006 as a £10million teenager — and are understood to be willing to pay around £12-15m when the transfer window reopens.
The Saints have struggled for goals under Mauricio Pellegrino, managing just five goals in their opening seven Premier League fixtures.
And Walcott — who became the youngest player to play for Saints when he made his debut, aged just 16 years and 143 days, in 2005 — would provide much-needed firepower.
However the St Mary’s outfit face competition, with Inter Milan keen while fellow top-flight clubs Everton and West Ham are understood to have shown an interest.
The 28-year-old forward has 18 months left on his current £110,000-a-week deal at the club