Arsenal are to open contract talks with Theo Walcott in the next fortnight, according to British newspapers.
Walcott's current contract, reported to be £90,000 a week, expires in the summer of 2016, leading to uncertainty over his Arsenal future.
Gunners manager Arsene Wenger said last month that the club had begun discussions over new terms, although Walcott said there had been "no contract talks as yet."
The Daily Mirror claims negotiations are to get under way "within the next two weeks" amid reported interest from Liverpool and manager Brendan Rodgers.
Walcott has recently found first-team football hard to come by at Emirates Stadium, making eight Premier League appearances this season.
The England international returned from a serious knee injury last November and has since scored twice in the top flight.