Sky Sports sources understand Arsenal and Theo Walcott have reached a short-term agreement which means he won't leave the club this week.
Walcott met with Arsenal on Wednesday in a meeting which included manager Arsene Wenger to discuss his future.
Reports had claimed that the Gunners were ready to sell the England winger this week, after failing to agree a new contract with him.
Walcott's current deal has less than 12 months to run, and he was being strongly linked with deadline moves to Manchester City and Liverpool.
However, Sky Sports sources understand that the player and club have agreed that he will remain with the club beyond this Friday's transfer deadline.