Theo Walcott has rejected a £75,000 a week contract offer from Arsenal and could now leave the club before Friday's transfer deadline.
Walcott, whose contract expires next year, has said he wants to stay although the club would be willing to listen to offers for the 23-year-old.
Arsenal signed Walcott from Southampton in January 2006 for £12.5m but he didn't make his debut for the club until August of that year.
His first goal came in February 2007 when he broke the deadlock in the League Cup final against Chelsea, however the Gunners lost 2-1 as Didier Drogba nodded in two headed goals.
Most recently Walcott has emerged as a scapegoat amongst Reds supporters. He was roundly booed in the first-half of last season's north London derby at the Emirates Stadium, but emerged for the second period to score twice as Arsenal came from 2-0 down to defeat Tottenham Hotspur 5-2.
He started the home draw against Sunderland 11 days ago but was dropped to the bench for the stalemate against Stoke City at the weekend, with many suggesting manager Arsène Wenger was sending out a signal of intent.
After seeing Samir Nasri and Robin van Persie both depart the club with 12 months remaining on their deals, the club's mood towards players whose contract has less than two years to run down has hardened.
Rather than placate Alex Song, whose contract was up in 2014, the club preferred to earn a transfer fee for the player in a bid to strengthen the squad before Friday's transfer deadline.
And Walcott is not an exception. Having scored just 42 goals from 222 appearances and with a trio of new attackers arriving, the sale of the Stanmore-born forward may be welcomed by many Arsenal fans.
Signing in January 2006
Admiring the Emirates
Debut vs. Villa, August 2006
First goal vs. Chelsea, 2007 League Cup final...
And savouring the moment
A first north London derby goal in 2008
A classy double vs. Birmingham
An all-too-rare showing of his dribbling prowess vs. Liverpool in the 2008 Champions League quarter-final
Beating Cech again, but losing to Chelsea 2-1 again in the 2009 FA Cup semi-final
Arsenal v Leeds United - FA Cup Third Round
LONDON, ENGLAND - JANUARY 09: Thierry Henry (R) of Arsenal shares a joke with team mate Theo Walcott (L) as they warm up before the FA Cup Third Round match between Arsenal and Leeds United at the Emirates Stadium on January 9, 2012 in London, England. (Photo by Clive Mason/Getty Images)
From jeers to cheers: scoring twice in a make-or-break match against Spurs
Reading v Arsenal - Capital One Cup Fourth Round
READING, ENGLAND - OCTOBER 30: Theo Walcott of Arsenal celebrates after scoring their sixth goal during the Capital One Cup Fourth Round match between Reading and Arsenal at Madejski Stadium on October 30, 2012 in Reading, England. (Photo by Scott Heavey/Getty Images)
Arsenal v Newcastle United - Premier League
LONDON, ENGLAND - DECEMBER 29: Theo Walcott of Arsenal holds the matchball after scoring a hatrick during the Barclays Premier League match between Arsenal and Newcastle United at the Emirates Stadium on December 29, 2012 in London, England. (Photo by Clive Mason/Getty Images)