Walcott to extend Arsenal contract until 2017

Theo Walcott is poised to sign a new Arsenal contract this week, Goal.com reports.

The England international is close to finalizing improved terms following fruitful talks over the last fortnight.

Walcott will put pen to paper on a deal that runs until 2017.

The 23-year-old's salary will climb from £60,000-a-week to around £90,000-a-week under the new agreement, which will be bolstered by top-up bonuses and a multi-million pound signing-on fee.