The Gunners could be set to offer the England international the assurances he needs to stay at the Emirates, although his Chilean counterpart may face a summer exit.
Arsenal will hold showdown talks with Theo Walcott over his future in the summer but the club will not entertain offers for the winger, according to the Mirror.
Walcott has endured a season to forget at the Emirates Stadium, starting only once in the Premier League since January because of injuries and poor form.
The 27-year-old has recently lost his place to Alex Iwobi and was believed to be considering an exit, but Arsenal reportedly is hoping to keep him with talks planned with his entourage this summer.
Walcott is believed to be seeking reassurances of his place in Arsene Wenger's first-team plans as well as his position, with his dip in form coinciding with being shifted to the right.
The Gunners will do their best to keep the England international, especially given that Danny Welbeck is expected to be out for nine months, but the Mirror reports Alexis Sanchez, Alex Oxlade-Chamberlain and Kieran Gibbs could be sacrificed.
CLICK HERE FOR ALL THE LATEST RUMORSThe Gunners will do their best to keep the England international, especially given that Danny Welbeck is expected to be out for nine months, but the Mirror reports Alexis Sanchez, Alex Oxlade-Chamberlain and Kieran Gibbs could be sacrificed.
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