Arsenal fail in £12m Walcott bid

BBC Sport is reporting that Southampton have rejected a formal £12m offer from Arsenal for Theo Walcott.

It is understood Chelsea could be willing to pay up to £15m, but the 16-year-old has apparently made it clear he would prefer a move to the Gunners.

Southampton are reported to be interested in a deal in which Walcott would be signed by Arsenal and then immediately loaned back to them for the rest of the season.

Walcott has a pre-contract agreement with the Saints to sign a professional contract on his 17th birthday in March.

Not seen Theo Walcott play? There’s a good video file of him in action here (28mb).

Arsenal complete Walcott transfer · Update

Arsenal have completed the signing of Theo Walcott after the Southampton striker agreed terms and passed a medical.