Arsenal: Manchester United and Liverpool monitoring Theo Walcott's contract stand-off with the club

Manchester United and Liverpool are reportedly on alert after Arsenal forward Theo Walcott revealed that the club are yet to offer him a new deal.

According to the Mirror, the Gunners could have a battle on their hands as Premier League rivals circle to snap up the England striker, who is entering the final year of his contract at the Emirates Stadium.

Walcott, who will be a free agent in 15 months time, has struggled to nail down a regular starting place since his return from a long spell on the sidelines due to a knee injury he sustained during an FA Cup clash against Tottenham in January last year.

The 25-year-old striker has been used sparingly with the manager preferring summer signing Danny Welbeck or Alex Oxlade-Chamberlain over Walcott for the right-winger role.

Arsene Wenger has indicated earlier in the month that the north London club had made contact with the Three Lions forward's representatives regarding a new contract, but the striker has come out and denied that claim and confirmed that the club have not yet offered him a new deal.

Walcott also dismissed reports suggesting that he has had a bust up with the manager and that is the reason for his continuous omission from the first-team at the Emirates.

This contract stand-off between the club and player has alerted United and Liverpool, with both managers keen to add to their offensive department in the summer.

Brendan Rodgers is a big admirer of the forward and had even tried signing him in 2013 before he signed his current deal with the Gunners.

It is the same situation in the England squad for the Arsenal star, as he has fallen down the pecking order and manager Roy Hodgson has warned him that he has to feature regularly for his club to have a sure chance of starting for the Three Lions.

"That's the thing about football, isn't it? If you're not careful, there's always someone behind you waiting to take your place. It's a dog eat dog world, a bit," Hodgson said, as quoted by the Mirror.

"It is an important few months for him. He's been concentrating on training. We've enjoyed having him back. You can see he likes to be with England and enjoys that aspect of his professional football career."

"But he's got to satisfy a few of his critics and, if you like, make certain a) he stays fit and b) gets his place back as one of the first names on the Arsenal team sheet. When he does that, he might be pushing for a first name on the England team sheet," the England manager explained.