Juventus are lining up a £90,000-a-week deal to persuade Theo Walcott to join them in January.
Arsenal fear they may have to cash-in on Walcott next month following his refusal to sign a new deal at the club.
Although Arsene Wenger insists he will not sell the England international in January, he has gone back on his word before, after claiming he would not sell both Cesc Fabregas and Samir Nasri in the same window.
He buckled under the pressure with interest from Barcelona and Manchester City and sold the pair - and following Robin Van Persie's exit to Manchester United this summer, another big name star is set to leave the Emirates.
Walcott has refused to commit the club beyond his current terms and United are keen as well - but Juve want him too.
The Serie A side lost out to United for Van Persie but are ready to beat them this time, with a deal around £90,000-a-week, and a guaranteed place up front, in the offing.
Walcott will be available for as little as £8m next month as this is the final time Arsenal would be able to command a fee.