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Arsenal’s Theo Walcott is set to hand the club a major boost by signing a new four-year deal with the Gunners.

The Sunday Mirror reports that the 19-year-old has been in talks with the club recently and is now on the verge of signing a new, lucrative contract that will triple his wages.

Walcott’s current deal expires at the end of next season and the Gunners are believed to be keen to tie him to the club before the end of their current campaign.

The teenager signed for Arsenal from Southampton in 2006 and has slowly forced himself into the first team at the Emirates Stadium.

The England international had been in scintillating form for club and country this season, hitting a hat-trick for the Three Lions against Croatia in September.

The news is a big boost to Arsenal who have endured an inconsistent season. Arsene Wenger’s side currently lie fifth in the Premier League and look to have a battle on their hands to secure Champions League football for next season.

Indeed, recent reports have suggested that should the Gunners fail to finish in the top four, they could face losing some of their key players at the end of the season, with the likes of Emmanuel Adebayor, Cesc Fabregas and Robin van Persie all linked with moves away from the club.

However, one player who looks to be staying is Walcott, although he may find himself struggling to get straight back into the team as he returns from injury following the arrival of Andrei Arshavin from Zenit St. Petersburg in the January transfer window.