Walcott close to new Arsenal deal as Wenger courts Cavani

Manager Arsene Wenger revealed Theo Walcott’s protracted contract saga could finally come to an end this weekend — but is prepared to go to the wire in his quest to land new talent over the course of the January transfer window.

Walcott, 23, could have walked away from Arsenal at the end of the season as a free agent, but is now all set to close out terms on a lucrative extension which would make the England forward among the highest-paid players at the club with a three-and-half-year contract worth around £100,000-a-week, boosted by lucrative add-ons.

Sorting out the future of the player Wenger helped develop from a raw talent when bringing him from Southampton seven years ago was top of the Arsenal manager’s to do list this month.

However, now that deal is all but finalised, the Gunners look set to up their quest for men to strengthen the squad which has yet to break back into the top four of the Barclays Premier League.

Arsenal may have been linked with a string of players across Europe — Napoli’s Uruguay hitman Edinson Cavani the latest potential big-name signing — but Wenger remains happy to play the waiting game rather than make any panic buys just for the sake of it.

Arsenal have plenty of cash reserves, bolstered by the £24 million summer sale of Robin van Persie to Manchester United.

Wenger maintains the Gunners are ready to spend big should they find the right man.

Cavani would certainly fit the bill, although it remains to be seen whether there is any serious interest from Arsenal.

“I like him as a player,” said Wenger.

“Will he cost a lot of money? That’s for sure. Nobody would deny that. Our banker lives just next to me at the moment and he is ready if we find the right player.”

Wenger did, though, confirm Crystal Palace’s promising England international Wilfried Zaha was on his radar. However, the Arsenal manager insisted no formal offer had yet been lodged for the 20-year-old, who is also being watched by Manchester United.