With the Theo Walcott contract situation improving, Arsenal are reportedly ready to quell their interest in Crystal Palace winger Wilfried Zaha.

The Gunners have been heavily linked with Zaha in the past few months, with Arsene Wenger a keen admirer of the 21-year-old's talents.

Reports of an impending move intensified when Zaha himself said he would be open to a move to the English Premier League in January.

However, with Walcott reportedly on the verge of agreeing to a new contract, a move for Zaha, who was reportedly lined up as his replacement, has been put on the back burner, according to talkSport.

Walcott said he was hopeful of a new deal being agreed soon.

"I'm sure that something will be sorted very soon," he said.

"I've always said I wanted to stay and I enjoy playing for this team. Now we will just see what happens.

"I will continue to play my football and let the people who look after me and the club talk to each other and go from there."

The likelihood of Arsenal losing their interest in Zaha, who is a self-confessed Arsenal fan, just because of Walcott's impending signature is slim, with Wenger looking to add to the English core already established at the Emirates.

Zaha, who is also eligible to play for the Ivory Coast, has been tipped for great things, and the Arsenal manager has repeatedly received glowing reviews of the winger's talents.

A couple of days back, Tom Soares, Zaha's former teammate, had tweeted the youngster was on his way to Arsenal.

"all the best at #afc @wilfriedzaha this kid will boss it with arsenal," he wrote. "I might be a tinpot footballer but i don't bullshit."

So, it remains to be seen whether the Gunners have indeed pulled out of a move, or if it's just a case of waiting until the end of the season, before agreeing a deal.

Arsenal are also interested in Atletico Madrid pair Adrian Lopez and Arda Turan, both players who are capable of playing across the frontline.