ARSENE WENGER will have one last chance to keep Theo Walcott at Arsenal over the next two weeks.

The England star will sit down with the Gunners again during the next fortnight to try to thrash out a long-term deal.

SunSport can reveal there have been NO actual negotiations over the past two months despite reports suggesting talks were ongoing.

Walcott and his advisers have been holding off new negotiations, though Arsenal have invited them for a new round of talks.

A top club source said: “Talks will happen over the next couple of weeks, though the exact timing is not finalised. Nothing is expected before the FA Cup game at Swansea.”

Chelsea and Manchester City are favourites to land the England superstar — if he decides to leave.

Our source added: “One thing’s clear, Theo will not go anywhere in January.”

If that were to happen it would be against the player’s wishes and those of boss Wenger.

Walcott WANTS to stay.

Wenger heaped praise on Walcott following his hat-trick against Newcastle and repeatedly said he will NOT let the striker leave in January.

The England star wants £95,000 a week and Arsenal are not budging from their £75,000 offer.

It is believed Walcott would meet Arsenal halfway but they would have to make an increase in their original offer if the striker is to stay on.