The 28-year-old has featured sparingly for the Gunners this season under Arsene Wenger, and could be heading out the Emirates door in January.
Walcott - who has made 391 Arsenal appearances - has been restricted to just ten games in all competitions this season, without a start in the Premier League.
However, finding suitors could be problematic for Arsenal, given Walcott's £110,000-a-week salary makes him one of the Gunners' highest paid players. The England worldwide has been sparingly used by the Frenchman this term with most of his playing time coming in the Cup games.
The Frenchman eventually penned a two-year extension to remain in north London but negotiations over Ozil's contract have not yet resumed and the 2014 World Cup victor could follow Sanchez's example and walk away for nothing at the end of the season.
However, the attacker has been in and out of Arsene Wenger's starting lineup in North London for several seasons now, with injuries and the presence of more consistent stars having made life hard for Walcott in the English capital. Now, with the addition of Lacazette, it seems as if Walcott's time in North London is coming towards an end.
With Everton struggling for firepower so far this season, Walcott could provide the Toffees with a few more options up front.
Walcott joined Arsenal in January 2006 for £12million as one of the country's most promising talents, but has somewhat underachieved after being plagued by a string of injuries.
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