Reports via the Telegraph and the Times say that Theo Walcott has rejected a new contract from Arsenal.

Although the Telegraph says further talks are planned, Arseblog News is aware that Arsenal are actively seeking a replacement in the transfer market.

At the beginning of last season Walcott’s people insisted that contract talks would have to wait until the end of the season as Walcott wanted to see if Arsenal remained in the Champions League before committing to a new deal.

Then talks were planned after the European Championships as Walcott’s agent, Warwick Horton told Arseblog News in early July, “Once he is back at the club I daresay we will have a chat with them. There is no time frame and no deadlines.

“Although I will say that it has always been the plan to sit down with the club once Theo returns after the Euro’s [sic] …so that is still the case.”

With three days left until the transfer window closes, and with reported interest in Walcott from Man City and Liverpool, Arsenal must make a decision. Do they keep a player whose commitment to the club is questionable for a season and let him go on a free, or cash in and ensure a replacement is found before Friday at 11pm?

If history tells us anything it’s that Arsenal won’t allow an asset to leave on a free and his departure wouldn’t be a surprise at all. If he does go, he’ll be the latest player made by Arsene Wenger to turn his back on the Frenchman after Alex Song and Robin van Persie moved away from the club this summer.

What was already promising to be a busy week for Arsenal looks set to become even more hectic.