It 's becoming as regular as clockwork at Arsenal : a Theo Walcott contract saga . Just over two years after signing a £90,000-per-week deal , the winger 's future is again in the spotlight . As Arsene Wenger so jovially put it last week , contact has been made with 'the embassy ' ( Walcott 's representatives ) about a contract extension . Arsenal forward Theo Walcott comes on from the bench against Monaco , is now not a guaranteed starter . But just like two years ago , there are no guarantees Walcott will commit . Perhaps , even more so this time . Ever since recovering from a serious knee injury that kept him out for the majority of last year , Walcott has been on the peripheries . Walcott was flying before injuring his anterior cruciate ligament against Tottenham last January . He 'd established himself as an integral member of Wenger 's first-team plans . Walcott sprints away in celebration having scored against Leicester during the 2-1 victory last month . Theo Walcott wants a significant pay rise if he is to sign a new Arsenal contract . Since then , though , the landscape at Arsenal has changed . Alexis Sanchez has arrived , so to has Danny Welbeck . Walcott is no longer indispensable . In addition to Sanchez and Welbeck , there is Santi Cazorla and Alex Oxlade-Chamberlain to contend with . Walcott no longer walks into this team . So , with that in mind , does he warrant a pay-rise ? That 's the question Arsenal 's moneymen will be asking themselves over the coming weeks . Because that 's what he wants ; a hefty hike on his current £4.6million-per-year deal . Can you justify paying someone in excess of £100,000-per-week who is n't a first-choice option for the manager ? The England international gestures at Tottenham fans after injuring his anterior cruciate ligament last year . The Arsenal hierarchy are likely to argue not . And all that points to one thing : another Walcott contract row . You can understand where Walcott 's representatives are coming from . At the age of 26 , this could be his last big contract . His advisors have a duty to secure the best possible deal for their client . There will certainly be takers for Walcott if he leaves this summer . Liverpool and Manchester City are both monitoring the situation closely . The fact he has pace and is English ( helping homegrown quotas ) means he will be a valuable commodity if he 's made available for transfer . Walcott has faced increased competition for a starting place in the Arsenal attack this season . As for Arsenal , they have four options . The first is to meet his demands , the second is to try to reach a compromise . The third is to let him enter the final year of his contract , which opens the door to Walcott leaving for nothing next year . Fourth is to sell him this summer . It 's a game of poker . We 're waiting to see who 'll blink first . Walcott will be hoping to earn a similar amount to Gunners star man Alexis Sanchez on £140,000-per-week . Walcott looked certain to leave the Emirates Stadium in 2012 after rejecting a new contract . Wenger managed to persuade the speedster to stay and his subsequent performances led to the Gunners improving their offer , which was signed in January 2013 . There will be a similar incentive for Walcott this time , too . But will he spend enough time on the pitch to make a similar impression ? Things change . Maybe it 's time for Walcott to make a change , too .
Theo Walcott is currently earning around £90,000-per-week , £4.6m a year . Walcott is holding out for an Arsenal pay rise before signing new deal . England international hoping for sum north of £two years ago . CLICK HERE for all the latest Arsenal news .