Everton boss Sam Allardyce is hoping to persuade Walcott to make the move to Merseyside by stating that he can help resurrect his career, while also offering him an outside chance of making England's World Cup squad.
"You're all aware of our interest in Theo Walcott", said Allardyce at a news conference ahead of Saturday's game at Tottenham Hotspur.
"If we're able to get that over the line, I'll be delighted", he told reporters.
"If we can get that all sorted out then that would be a great addition to join us in an attacking point of view".
Everton have suffered through their lack of goals, something Allardyce hopes Walcott can address.
"If that is at all possible it would be very nice, but it is not imminent at the moment but some negotiations are going on".
"You don't get optimistic because so many things can happen in such a short space of time".
Arsenal boss Arsene Wenger says he has informed Walcott he wants him to stay but added on Friday he has not guaranteed game time to the England global, who has 18 months left on his contract. We have a good relationship with Theo, and I don't want him to be frustrated or lose an opportunity to go the World Cup. "I'll be very excited and enthused when someone, even if it's not Theo, has signed on the dotted line".
"It is essential we trim down the squad if we are to bring in players and adjust the balance of the squad and adjust the numbers".
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.