Theo Walcott looks set to complete a move away from Arsenal this month, with Everton and Southampton both interested in signing the 28-year-old winger.

However, Walcott's former side could struggle to bring the England international back to the south coast due to his hefty £110,000 a week wages, allowing Everton to take the lead in the race for his signature, according to the Daily Mail.

Walcott has made just 15 appearances across all competitions this season, with the bulk of his games coming in the Europea League and Carabao Cup.

The lack of first-team opportunities has left Walcott destined to leave the club. However, a January transfer away from north London could rest with the future of long-term Manchester City target Alexis Sánchez.

The Chilean is expected to leave Arsenal in the summer, although the Gunners could allow Alexis to leave the club during the January transfer window if they are able to recoup most of the £38m they paid to Barcelona in 2014.

Everton will be desperate to reinforce their squad this window, with a place in the Europa League next season potentially up for grabs.

Turkish international Cenk Tosun has already completed a £20m move to Goodison Park from Beşiktaş, with the experienced striker looking to relieve some of the pressure off Dominic Calvert-Lewin and Sandro Ramírez.