Other than Morata, Wenger wants to sign a new midfielder, with Borussia Monchengladbach’s Granit Xhaka top of his wishlist, and a central defender. Arsenal could challenge Chelsea for Roma’s defender Kostas Manolas, who he considered signing two years ago. Chelsea remain favourites to land Manolas and it is understood new head coach Antonio Conte has already sounded out the agent of the Greece international.

But Arsenal have also revived their interest in the 24-year-old and would be able to offer him Champions League football if they do choose to go up against Chelsea for his signature.

Other than signing new players, Wenger will also give the go-ahead to a summer clear-out at the Emirates, with Mikel Arteta, Mathieu Flamini and Tomas Rosicky all set to go. Other than Walcott, the Gunners will also consider any offers for Alex Oxlade-Chamberlain and Kieran Gibbs.