Are supporters coming around to the idea of losing the winger? Even former Arsenal player Ray Parlour has urged him to sign the new contract sooner rather than later.
Here is a look at what Gooners are saying about Walcott on Twitter this week.
@katiesgooner85: If I was Walcott I'd be worried. Gervinho coming good means he won't ever get his £100k a week. I think he's backed himself into a corner. Not saying I wouldn't want Walcott to stay. Just saying the other options are coming good and making the final decision easier.
@fumzthecool: It's good what wenger is doin to Walcott ... he needs to know he is not prestige and sign contract or u will rot on da bench
@gooner1886: Btw I do want Walcott to stay and I think the £75k a week offer was good enough for him. I hope he does sign a new contract with AFC.
@officialdaud: I don't think it's any surprise why Arsenal look so good. Without Walcott, the team looks alot dangerous.
@yobenben: Feel bad for Giroud, and still have minimal respect for Walcott. I wouldn't miss him if he left.
@pogoalski: Has Theo 'Contract Rebel' Walcott been sold yet? The modern footballer is so greedy...i want all mercenaries to be thrown out of
@wengersir: Walcott coming on in the 89th minute. Arsenal are really punishing him for rejecting that contract. Wonder will this drive him out?
@liamoram88: Id like Walcott to stay but wouldn't be that fussed if he goes. We have better options to be honest
Is this a fair representation of Arsenal fans views on Walcott? Would he regret leaving Arsenal?
image: © Ronnie Macdonald