Arsenal are understood to be willing to sell Theo Walcott before the close of the transfer window after talks over a new five-year contract broke down.
Walcott is in the final season of his current deal at Emirates Stadium and discussions regarding an extension have been ongoing for some time.
Arsene Wenger confirmed before the Gunners' opening game of the season against Sunderland earlier this month that the club are still trying to extend Walcott's deal.
However, the Arsenal manager also warned that 'when a player doesn't want to stay, you either force him or you let him go', with the club having already sold Robin van Persie and Alex Song this summer.
The future of Walcott is now set to be decided by Friday's deadline, with reports suggesting Arsenal will sell the England international for a fee between £12million and £15m if no new contract is agreed.
Manchester City are believed to be favourites to snap up the 23-year-old as Roberto Mancini tries to add to the solitary signing of Jack Rodwell.
Mancini is in the market for a new winger after Adam Johnson's sale to Sunderland and the failure to agree a fee with Swansea City for Scott Sinclair.
Liverpool, though, are also reported to be interested in Walcott, who has made over 220 appearances for Arsenal since joining from Southampton in January 2006.
Will Theo Walcott leave Arsenal before the transfer window closes?