Pic: Getty Images (Theo Walcott has only played 49 minutes in the Premier League all season, despite being fit) Everton and Southampton have held high-level talks with Arsenal about signing England forward Theo Walcott in a permanent transfer this month.
Walcott - a two-time FA Cup victor with Arsenal - has featured 395 times for the club but has played just 47 minutes in the Premier League this season.
"You're all aware of our interest in Theo", Allardyce told a news conference.
"If that is possible to get over the line, I would be delighted but obviously there is negotiations that are happening at the moment".
"Two to three reasons [for interest]: goalscoring threat, pace, experience and he's good on assists from wide in terms of his crossing". It is not imminent at the moment but some negotiations are going on.
"If I get a chance in the penalty box, I usually score". We have a good relationship with Theo, and I don't want him to be frustrated or lose an opportunity to go the World Cup.
Walcott's wages of £110,000-a-week could prove to be a problem for the Saints while it is something that Sam Allardyce's club will be able to get close to. It's a permanent deal we're hoping to negotiate'.
Asked about Allardyce's comments, Arsenal manager Arsene Wenger said: "I can not tell you much more".
"Because we go through meeting after meeting, all areas, through the FA, through the PFA (Professional Footballers' Association) on what to do and what not to do".
"I will be very excited and enthused once somebody, if it is not Theo then somebody else, has signed on the dotted line".