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Theo Walcott finally put pen to paper yesterday and ended one of the longest running sagas in football.

Walcott has signed a three and a half year deal, but rejected the offer of a five-year contract.

However, the 23-year-old's signature on a deal worth £90,000-a-week plus add-ons, incentives and a £3m signing on fee which could take it past the £20m mark is a huge boost for Arsenal.

The deal comes after months of negotiations after Walcott nearly left last summer when Liverpool and Manchester City came in for him strongly.

Gunners boss Arsene Wenger had some concerns about Walcott and yet the England winger's recent displays, form and performances as a central striker clearly convinced Arsenal to increase the offer, as revealed in the Mirror.

Arsenal feel they were right to wait, that it has played out well even though it was a gamble, although they knew Walcott has said he never wanted to leave the club.

Wenger said: "Theo is a strong player and also a great person, and the combination of his ability and pace always make him such a valuable asset either from the flanks or down the middle.

"Theo's contract extension now gives us a strong nucleus of ambitious young players who have committed to the cub and want to be successful with us as a group."

Walcott, Arsenal's 14-goal top scorer this season, said: "I am very happy to have signed a new contract here at Arsenal. Thanks to everyone for their continued support, especially the manager, everyone at the club and most importantly the fans.

"I have made it clear from the start that I wanted to stay at Arsenal so I am pleased we have agreed a deal that everyone is happy with.

"What's important now is for the team to realise its potential and win trophies."

This leaves Arsenal to continue planning their transfers for the winter window, with

and Wenger declaring his interest in Crystal Palace's Wilfried Zaha.