Arsenal are confident of signing Southampton's exciting 16-year-old striker Theo Walcott within the next 24 hours.

The Gunners are understood to have tabled a formal offer for the sought-after Saints striker, in a deal which could be worth £12.5million.

Southampton confirmed earlier this week bids from two "top Premiership clubs" had been received.

Chelsea are believed to be the other interested party, while Tottenham manager Martin Jol today revealed his club have also inquired about the teenager's availability.

Arsenal, though, seem to be at the head of the queue.

Manager Arsene Wenger said: "We are very heavily in the race. But nothing is done - and as long as nothing is signed, you cannot talk about it.

"However, we are hoping to get a decision in the next 24 hours."

Walcott became Southampton’s youngest player when he featured against Wolves on the opening day of the season.

He has scored four goals in 13 league matches and also hit five goals in nine games for England's under-17s last season.