Walcott has struggled for regular first-team football in North London this season, regularly finding himself behind Olivier Giroud in the pecking order as well as Danny Welbeck upon his return from injury.
The England international has been at Arsenal for over ten years now, yet many have been left disappointed with his lack of progress and inability to hold down a regular starting berth.
West Ham have been linked with him before, but now it appears the Hammers are finally in a position to sign him as they look for a marquee summer signing ahead of their Olympic Stadium move.
Owners David Sullivan and David Gold have already spoken of their desire to sign a striker this summer, and Walcott seemingly fits the bill as they look for pace alongside the strength of Andy Carroll.
Arsenal are understood to want £20 million for the former Southampton man, and the Hammers are willing to meet their demands as they seek to give boss Slaven Bilic more quality to work with next season.