According to news reports (e.g., here), perennial Arsenal under-performer Theo Walcott has rejected the team's latest contract extension offer 75,000 pounds per week. Walcott is out of contract in 12-months' time; so Arsenal will have to sell him, hopefully before the transfer window closes this Friday. Word on the street is that both Man City and Liverpool are interested. If Wenger can get 15 million for him, it would be a great piece of business, and good riddance.
I'm not sure why Arsenal were even trying to retain Walcott at the Emirates in the first place, except perhaps as a back-up for the emerging Alex Oxlade-Chamberlain, who possesses all of Walcott's pace with better ball-handling skills, greater consistency, superior footballing vision and instincts, and a willingness to track back and help on defense. Walcott is surplus to requirements.