Report: Walcott set for Everton medical ahead of move exceeding £20M

Theo Walcott's 12-year union with Arsenal is nearing its end.

The 28-year-old is set to undergo a medical with Everton in the next 24 hours for a transfer that will exceed £20 million, according to BBC Sport's Phil McNulty and David Ornstein. Southampton, Walcott's first and only club before Arsenal, is expected to miss out on brokering a south-coast return for the winger.

Walcott has fallen out of Arsenal's starting XI after recording 108 goals in 397 outings for Arsene Wenger. The player and his manager have often been subjected to criticism over his lack of improvement while plying his trade in north London, but he could now be a helpful money-spinner as the Gunners look to rebuild.

The money recouped from the expected sales of Walcott and Manchester United-linked Alexis Sanchez is intended for reinvestment in the squad. Borussia Dortmund's Pierre-Emerick Aubameyang and Bordeaux's breakout star Malcom are reportedly of interest to Arsenal, while Henrikh Mkhitaryan is rumoured to be a possible makeweight in the Sanchez deal.

Related - Report: Arsenal confident of signing Aubameyang for club-record fee

It's understood that all three being brought to the Emirates Stadium is unlikely, with a source close to Mkhitaryan telling BBC Sport than an agreement between the Armenian and Arsenal is some way off.

Not only is Walcott's fee something of a leaving present for Arsenal, but heading to Everton could also be the ideal move to rejuvenate his career. He made his last start for England in October 2016, and will be keen to re-establish himself in Gareth Southgate's plans with first-team action for the remainder of the season. The Three Lions begin their World Cup campaign against Tunisia on June 18.

Everton handler Sam Allardyce hailed Walcott's potential arrival as a "fantastic addition" who can be a welcome "goal-scoring threat" in his misfiring troops.