Arsenal forward Theo Walcott is set to sign for Everton in a deal understood to be worth around £20 million.

Walcott 28, has been at the club since he joined as a fresh faced 16-year-old from Southampton in January 2006.

Yet despite scoring more than 100 goals the wideman has not lived up to his true potential shown in glimpses, most notably during the opening months of the 2013-14 season until a ligament injury in the North London derby four years ago this January curtailed his progress.

Toffees boss Sam Alladryce is a firm believer he can get the best out of the England international and wants him to join his Goodison Park squad.

Walcott, who has 18 months remaining on his contract, has scored 108 goals in 397 appearances for Arsenal but boss Arsene Wenger has not picked him regularly this term.

If a deal goes through, Arsenal plan to use the funds to buy Borussia Dortmund striker Pierre-Emerick Aubameyang and Bordeaux forward Malcom.

The North Londoners are also hoping to sign Manchester United midfielder Henrikh Mkhitaryan in a deal which would involve Alexis Sanchez going the other way after previous suitors Manchester City dropped out of the running.

Allardyce has been quoted as saying Walcott would be a ‘fantastic addition’ to the Merseysiders as he looks to snap him up.

One player Wenger has offered a new deal to is Jack Wilshere but the offer is worth less than his current deal and is greatly incentivised.