Where will Arsenal winger Theo Walcott go?

Theo Walcott has rejected Arsenal's latest contract offer, making it a real possibility that the England international will join the Emirates exodus.

With just a year remaining on his contract, and Arsenal able to command a fee in the region of £11m for the 23-year-old, the Gunners are reluctant to allow him to run down his contract and leave for nothing next summer.

But where might the former Southampton player end up? We look at the possibilities...

Manchester City

The Premier League champions have shown interest in bringing Walcott to the Etihad, and are certainly no strangers to signing Arsenal's best players - having bought Kolo Toure, Gael Clichy, Emmanuel Adebayor and Samir Nasri from the Gunners in the recent past. With a deal for Swansea's winger Scott Sinclair stalling, Walcott would be an ideal alternative.

Liverpool

Having been linked with Fulham's Clint Dempsey the entire summer, Liverpool are yet to actually make an offer. For a similar fee to what it would take to bring the American in from Fulham, they could instead purchase Walcott. The youngster would bring width to the Liverpool side, and with his tutoring by Arsene Wenger, would fit well in Brendan Rodgers' plans for a passing style of football at Anfield.

Tottenham

It seems unlikely Walcott would make the transfer to rivals Tottenham, and with Spurs having agreed a deal with Fulham for Moussa Dembele, this move seems even less likely. But Tottenham are a team in need of reinforcements, and the availability of Walcott - young, English and with potential sell-on value - this may be too good an opportunity for Tottenham chairman Daniel Levy to ignore.

Southampton

A return to his boyhood club Southampton has been mooted for Walcott - although this particular deal seems highly unlikely. Still only 23, Walcott has a long time before an emotional move like this, and will instead be seeking a club which can provide European football.

Inter Milan

A move abroad is not out of the question, with Italian giants Inter Milan the club most consistently linked with the Arsenal winger.