By Jack Leather
Talks between the Gunners and Walcott over a new contract have stalled and, with three days of the transfer window to go, Liverpool and City are considering a move for the 23-year-old.
According to reports, Arsene Wenger could be keen on taking Dzeko if Walcott makes the opposite journey.
Wenger is a fan of the Bosnian striker and first identified him as a prospect several years ago.
Dzeko’s future at the Etihad Stadium has been uncertain after he revealed his frustration at being a bit-part player last season.
He found himself behind Sergio Aguero, Mario Balotelli and Carlos Tevez in the pecking order, and Bayern Munich, Juventus and AC Milan have all been linked to him this summer.
The Premier League champions could turn to Walcott after struggling to complete a move for Swansea’s Scott Sinclair.
Marouane Chamakh could also be set to leave the Emirates Stadium after Besiktas were linked to the striker.
Manager Samet Aybaba told Turkish Football: ‘We have decided to push forwards in our attempts to sign a striker.
‘There is a high possibility we will sign Chamakh.