Walcott deal imminent

It is being reported that Theo Walcott is set to sign a three year extension with Arsenal meaning that he would be signed with Arsenal until 2016.
Walcott, who signed for Arsenal from Southampton in 2006, said recently
I’m not at all fazed by the speculation.  I actually don’t have a clue about all the reports.  I just like to get on with things and work hard.  My agent and the club will talk things out and when there’s something to be decided I’ll get involved.
Before going on to add
Of course I am excited about the future of the club. Not many people recognise we’ve qualified for the Champions league so many years in a row. Now the next step is to prove them wrong by winning trophies.
The source of this announcement is not official nor is it named but it would make sense given Theo’s recent comments.
With Arsenal on the verge of signing...