Allardyce, who started the transfer window by signing the Turkey global Cenk Tosun, is desperate to bolster Everton's forward line and he believes Walcott has the ideal profile to give his squad the goals they have lacked.
Everton boss Sam Allardyce is hoping to persuade Walcott to make the move to Merseyside by stating that he can help resurrect his career, while also offering him an outside chance of making England's World Cup squad.
"I think you are all aware of our interest in Theo", said Allardyce.
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But Allardyce, whose side have climbed to ninth in the Premier League, cautioned the deal was not imminent. But I don't want to give news that I can not confirm. We have a good relationship.
"Because Theo went to the World Cup in Germany in 2006, and we are now in 2018, and since he has not been for different reasons. You never get excited until someone has signed on the dotted line", he said. The situation is complicated by another Arsenal striker, Alexis Sanchez, also linked with a move in the transfer window with British media reporting that Manchester City and United are both keen to sign the Chilean for around 35 million pounds ($47.65 million).
"It is essential we trim down the squad if we are to bring in players and adjust the balance of the squad and adjust the numbers". Speaking to Sky Sports, Wright said: "In the current climate, for a young player to go out and do that with Arsenal going through what they're going through now - experienced players wanting to leave, there's no leadership - Arsene Wenger should have made a better stance on this. We are not on that case at the moment".