Though a deal is yet to be formally agreed for the England international it is expected that the Toffees will pay a fee of an initial £20million with a further £5m in add-ons.
Walcott has opted to bring an end to his 12 year stay in north London after struggling to establish himself in Arsene Wenger’s first team this season and has now almost certainly played his final game for Arsenal.
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The 28-year-old has played only 63 minutes across six appearances in the Premier League this season, with his only starts coming in the Europa League and EFL Cup.
Notably Walcott was confined to the bench even when Arsenal were without Alexis Sanchez and Mesut Ozil in Sunday’s 2-1 defeat at Bournemouth, where he made minimal impact after being introduced in the 76th minute.
Sam Allardyce can offer Walcott the first team football he craves whilst the Everton manager will expect his new signing to provide the cutting edge his side have been lacking this season.
“I see him playing anywhere across the front three and I'm presuming if he's not comfortable with that then he'll tell us and it won't happen,” Allardyce said last week of Walcott.
“We'd have that conversation if we were going to secure that transfer and we'll see where it goes from there.”
Southampton had also been keen on reuniting with Walcott, who left them for Arsenal as a 16-year-old in the summer, but his £110,000-a-week wages proved to be a challenge.
Arsene Wenger was reluctant to allow Walcott to depart but the forward's hopes of making it into Gareth Southgate's World Cup squad hinge on first-team football that could not be guaranteed at Arsenal.