EXCLUSIVE

West Ham are sounding out the possibility of signing Arsenal’s Theo Walcott for a fee in the region of £25million.

Standard Sport understands the same agency negotiating Jamie Vardy’s potential move from Leicester City to the Gunners are also involved with Walcott’s possible departure.

The two transfers are linked given Arsenal are unlikely to sanction Walcott’s departure until Vardy’s switch is confirmed although the former’s future at Emirates Stadium has been unclear for some time.

It is believed the 27-year-old has grown frustrated at a lack of first-team opportunities during the second half of last season but will find it difficult to leave the club he joined ten years ago from Southampton.

The Hammers are scouring Europe to bolster their attacking options and although they are understood to have reservations over Walcott’s injury record, he is theoretically approaching the peak years of his career and is available for a competitive price.

Walcott’s £140,000-a-week wages are an issue, however, and he may have to take a cut to seal a move to the Olympic Stadium but his failure to make England’s Euro 2016 squad has prompted a reassessment of his situation to get his career back on track.

Vardy’s imminent arrival would demote him further down the pecking order. Arsenal are thought to have agreed terms on a three-year deal with an option for a fourth worth £120,000-a-week – double what he earns at the Premier League champions.

In Pictures | Theo Walcott's 12 years at Arsenal 13 show all In Pictures | Theo Walcott's 12 years at Arsenal 1/13 Arsenal Manager Arsene Wenger and new signing Theo Walcott, 16, pose for the media at the Arsenal training ground on January 20, 2006 Getty Images 2/13 Gilberto (C) of Arsenal celebrates with team mates Theo Walcott (R) and Kolo Toure (L) after scoring the equalising goal during the Barclays Premiership match between Arsenal and Aston Villa at The Emirates Stadium on August 19, 2006 Getty Images 3/13 Theo Walcott of Arsenal scores is second goal during the Barclays Premier League match between Birmingham City and Arsenal at St Andrews on February 23, 2008 Getty Images 4/13 Danijel Pranjic of Croatia is unable to stop Theo Walcott of England scoring his team's second goal during the FIFA 2010 World Cup Qualifying Group Six match between Croatia and England at the Maksimir Stadium on September 10, 2008 in Zagreb Getty Images 5/13 Theo Walcott of Arsenal shoots past Gerard Pique of Barcelona to score a goal during the UEFA Champions League quarter final first leg match between Arsenal and FC Barcelona at the Emirates Stadium on March 31, 2010 Getty Images 6/13 Arsenal's English striker Theo Walcott celebrates after scoring a third goal during the English Premier League football match between Arsenal and Blackpool at the Emirates Stadium in London, England on August 21, 2010 AFP/Getty Images 7/13 Theo Walcott of Arsenal celebrates scoring Arsenal's third goal during the Barclays Premier League match between Chelsea and Arsenal at Stamford Bridge on October 29, 2011 Getty Images 8/13 Theo Walcott of Arsenal scores the first goal past Tim Krul of Newcastle United during the Barclays Premier League match between Arsenal and Newcastle United at the Emirates Stadium on December 29, 2012 Getty Images 9/13 Theo Walcott scores his and Arsenal's 2nd goal past Adrian of West ham the Barclays Premier League match between West Ham United and Arsenal at Boleyn Ground on December 26, 2013 Getty Images 10/13 Theo Walcott of Arsenal celebrates as he scores their first goal during the FA Cup Final between Aston Villa and Arsenal at Wembley Stadium on May 30, 2015 Getty Images 11/13 Theo Walcott of Arsenal is tackled by Chris Smalling of Manchester United during the Barclays Premier League match between Arsenal and Manchester United at Emirates Stadium on October 4, 2015 12/13 Theo Walcott celebrates scoring his 100th Arsenal goal with (L) Granit Xhaka, (2ndL) Gabriel and (R) Alex Iwobi during the Emirates FA Cup Fifth Round match between Sutton United and Arsenal on February 20, 2017 in Sutton, Greater London. Arsenal FC via Getty Images 13/13 Theo Walcott of Arsenal arrives at the stadium prior to the Premier League match between AFC Bournemouth and Arsenal at Vitality Stadium on January 14, 2018 in Bournemouth, which would be his final game at the club. Getty Images 1/13 Arsenal Manager Arsene Wenger and new signing Theo Walcott, 16, pose for the media at the Arsenal training ground on January 20, 2006 Getty Images 2/13 Gilberto (C) of Arsenal celebrates with team mates Theo Walcott (R) and Kolo Toure (L) after scoring the equalising goal during the Barclays Premiership match between Arsenal and Aston Villa at The Emirates Stadium on August 19, 2006 Getty Images 3/13 Theo Walcott of Arsenal scores is second goal during the Barclays Premier League match between Birmingham City and Arsenal at St Andrews on February 23, 2008 Getty Images 4/13 Danijel Pranjic of Croatia is unable to stop Theo Walcott of England scoring his team's second goal during the FIFA 2010 World Cup Qualifying Group Six match between Croatia and England at the Maksimir Stadium on September 10, 2008 in Zagreb Getty Images 5/13 Theo Walcott of Arsenal shoots past Gerard Pique of Barcelona to score a goal during the UEFA Champions League quarter final first leg match between Arsenal and FC Barcelona at the Emirates Stadium on March 31, 2010 Getty Images 6/13 Arsenal's English striker Theo Walcott celebrates after scoring a third goal during the English Premier League football match between Arsenal and Blackpool at the Emirates Stadium in London, England on August 21, 2010 AFP/Getty Images 7/13 Theo Walcott of Arsenal celebrates scoring Arsenal's third goal during the Barclays Premier League match between Chelsea and Arsenal at Stamford Bridge on October 29, 2011 Getty Images 8/13 Theo Walcott of Arsenal scores the first goal past Tim Krul of Newcastle United during the Barclays Premier League match between Arsenal and Newcastle United at the Emirates Stadium on December 29, 2012 Getty Images 9/13 Theo Walcott scores his and Arsenal's 2nd goal past Adrian of West ham the Barclays Premier League match between West Ham United and Arsenal at Boleyn Ground on December 26, 2013 Getty Images 10/13 Theo Walcott of Arsenal celebrates as he scores their first goal during the FA Cup Final between Aston Villa and Arsenal at Wembley Stadium on May 30, 2015 Getty Images 11/13 Theo Walcott of Arsenal is tackled by Chris Smalling of Manchester United during the Barclays Premier League match between Arsenal and Manchester United at Emirates Stadium on October 4, 2015 12/13 Theo Walcott celebrates scoring his 100th Arsenal goal with (L) Granit Xhaka, (2ndL) Gabriel and (R) Alex Iwobi during the Emirates FA Cup Fifth Round match between Sutton United and Arsenal on February 20, 2017 in Sutton, Greater London. Arsenal FC via Getty Images 13/13 Theo Walcott of Arsenal arrives at the stadium prior to the Premier League match between AFC Bournemouth and Arsenal at Vitality Stadium on January 14, 2018 in Bournemouth, which would be his final game at the club. Getty Images

Leicester have made him a counter offer and Vardy was expected to provide Arsenal with an indication of his plans prior to flying out to France with the England squad as they step up their Euro 2016 preparations.

It is understood as of late last night, no medical had taken place despite reports to the contrary.

Vardy was believed to be weighing up a move with Foxes boss Claudio Ranieri urging him to stay for another season and play in the Champions League with the team that defied all the odds to win the title last season.

But Arsenal’s pedigree in the competition makes them a clear step up in European terms.