Arsenal warn Theo Walcott over his new contract

Theo Walcott's future at Arsenal has been the subject of speculation for some time as his current contract runs out at the end of this season. Now Arsenal have warned Theo Walcott they will not break their wage structure to keep him at the club. Talks are ongoing between both parties, but the only certain fact is that Walcott rejected the club's initial offer of a contract extension. Arsenal boss Arsene Wenger remains confident of agreeing a new deal with Walcott, but chairman Peter Hill-Wood insists they will not break the bank to secure the England international's future. "We have got our general overall wage structure and we are not prepared to break it for anybody," Hill-Wood said. "We have made an offer which he didn't think was acceptable and that is the end of it. We think it is a very reasonable offer. For the moment his people are still talking to us and we hope it will be resolved. But don't ask me when, because I haven't a clue. I hope that he will eventually come round and sign. It will be a pity if he does not, but the whole issue of pay for footballers has got totally out of hand and they don't get terribly well advised a lot of the time." Theo Walcott has stated that he didn't reject the new contract because of the money offer, but that he wants guarantees that he will be played as a striker.