The 28-year-old has been at the Emirates for more than 10 years but Arsene Wenger is ready to offload him as he looks to raise cash for new arrivals.
The 28-year-old has struggled to break into the first team this season and has made just three substitute appearances in the Premier League.
And, as per further reports this evening, the Hammers have since been joined by Everton in the race for Walcott's signature, with Sam Allardyce keen to add to some much needed pace and dynamism to his Toffees squad.
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However, the attacker has been in and out of Arsene Wenger's starting lineup in North London for several seasons now, with injuries and the presence of more consistent stars having made life hard for Walcott in the English capital.
A number of players are expected to leave the Emirates between now and the start of next season, with the contracts of Mesut Ozil, Alexis Sanchez and Jack Wilshere all expiring at the end of the current campaign. Now, with the addition of Lacazette, it seems as if Walcott's time in North London is coming towards an end. Signed from Southampton for £12m as a 16-year-old, Walcott arrived with the tag of being arguably one of English football's brightest talents but a series of injuries and indifferent performances hampered his development.
The former Saints graduate, who has scored 107 goals for Arsenal to date, has not featured for the Three Lions in the calendar year with Gareth Southgate stating that England have better options in place for the wide positions.