Liverpool manager Brendan Rodgers has made Arsenal winger Theo Walcott his prime target.
After landing Fabio Borini from Roma, Rodgers is ready to dive into the transfer market by making an offer for Walcott, who like Robin Van Persie, has just one year remaining in his contract.
Liverpool are ready to bid £15 million ($23.3 million) for the England international, after contract talks with Arsenal reportedly stalled. Walcott is on around £65,000 a week ($101,000) and is looking at earning 100,000 a week ($155,000).
Rodgers is convinced Walcott can adapt to his style of play at Anfield and is looking to finance the transfer, by selling Andy Carroll. Newcastle attempted a loan move to bring back the England striker to St James' Park, rebuffed by Liverpool, who are looking to sell the 23-year-old on a permanent basis.
Arsene Wenger, however, is desperate to hang on to Walcott, and does not want to lose another big-name player after Van Persie made clear of his intentions to leave the club. It is understood, Walcott wants to remain at Arsenal and will do so once a viable contract is agreed upon.
Unlike Van Persie, Walcott has not gone out in public and made statements on his contract situation. The 23-year-old is seen by Wenger as a key member of the British core the Frenchman is trying to form at the Emirates, with the likes of Jack Wilshere, Alex Oxlade-Chamberlain, Kieran Gibbs and Aaron Ramsey.
Wenger still remains hopeful on convincing Van Persie to remain at the club, and will be desperate not to let Walcott leave at this crucial juncture. Walcott had his best season at Arsenal last campaign, and is believed to be settled in North London.
The forward is also expected to be a part of Arsenal's squad in their trip to Asia, even speaking about his excitement at making the trip. "I am dead excited -- it is great to see the fans," Walcott told the club's official website. "It means lot to them because they never really get to see us in person.
"As players we get to see a different side to the game, seeing fans who may never be able to come to Emirates. It makes their dreams come true and that is what we want to do.
"They love the club so much, they love the players and they want to be close to us. They're proper fans and all want the club to do well. It is fantastic for us to see another side of it.
"We went there last year and we're doing it again, and I am looking forward to every moment of it."
While Walcott might polarize fans opinion about his capabilities on the pitch, Wenger believes the 23-year-old is one of the most efficient players in the Arsenal squad; emphasized by the amount of assists the former Southampton player provided for Van Persie last season.