UPDATE: 7:40pm BST / 2:40pm EST
The Daily Mail are saying now that Walcott has passed the Everton medical and the announcement will be made on Wednesday.
UPDATE: 4:15pm BST / 11:15am EST
Multiple news outlets are now reporting that the two teams have agreed to a deal on the forward and that Walcott is currently at Finch Farm undergoing a medical as we speak.
Several reliable journalists including The Times’ Paul Joyce (who has great Everton contacts) and the BBC’s David Ornstein (who has great Arsenal contacts) claim a £20m deal has been agreed between the two clubs for the 28-year-old, who has 18 months left on his contract.
In addition, the Liverpool Echo now report that Walcott is on his way to Finch Farm to undergo a medical and finalise personal terms (and record a fancy signing video for Twitter).
Everton close to agreement with Arsenal to sign Theo Walcott for in excess of £20m. #EFC football/financial offer beat rivals. Likely played last #AFC game (397 apps, 108 goals). Money to go towards transfers - Aubameyang/Malcom + Mkhitaryan (Sanchez swap), unlikely to get all 3— David Ornstein (@bbcsport_david) January 16, 2018
Everton close to signing Theo Walcott. Talks yesterday and £20m fee— paul joyce (@_pauljoyce) January 16, 2018
West Ham and Walcott’s former club Southampton were also linked with a move for the forward but Everton are believed to have offered a greater financial package.
The BBC say Walcott is enticed by the prospect of reigniting his career under Sam Allardyce after spending much of this season on the bench.
Walcott is also reportedly impressed by Everton’s ambition to try and break into the top six, despite a difficult season so far.
The England international has fallen out of favour at the Emirates this season and has largely been used as a substitute.
As a result, Arsenal boss Arsene Wenger is ready to let Walcott go and put the funds towards bids for Borussia Dortmund’s Pierre-Emerick Aubameyang and Bordeaux forward Malcom.
With a deal seemingly imminent, Walcott could sign in time to make his debut in Saturday’s crucial game against West Brom at Goodison Park.