Walcott to follow RVP, Song out of Arsenal?

London: Arsenal manager Arsene Wenger has given winger Theo Walcott next 48 hours to decide whether he wants to sign a new five-year contract worth or be sold before Friday.

Liverpool and Manchester City have expressed an interest in the England winger. The north London club will demand a 12 million pounds fee for their prized asset.

Theo's advisers opened talks with Arsenal last Friday with a £70,000-a-week deal believed to be on the table, reports Daily Mail. However, Walcott, who is in the final 12 months of his deal, is yet to sign a contract extension.

If Walcott turns down the contract offer, Arsenal have a familiar choice to make — sell him now or risk losing him on a free transfer next summer.