The England international spent 12 years with the Gunners and scored 108 goals in 397 appearances in all competitions. He made his debut in 2006 having signed as a teenager from Southampton in the same year.
During his time with the Londoners he won two FA Cups in 2015 and 2017, scoring the opener in the '15 final during the 4-0 victory over Aston Villa.
His potential was highly rated during that period and he made his England debut as a 17-year-old. He has gone on to make 47 appearances for the Three Lions while scoring eight goals. A hat-trick against Croatia in 2008 saw him widely regarded as the nation's most exciting prospect.
His former club's official website said: "We all thank Theo for his contribution to the club and wish him well for the future. The transfer is subject to the completion of regulatory processes."
Meanwhile, Walcott took to his official Twitter account and posted: "I would like to say a big thank you to everyone involved - manager (Arsene Wenger), coaches, backroom staff, and all the many people at the club that have been part of my family for the past 12 years.
"I would also like to thank all my team mates I have had the pleasure of playing alongside, but most importantly the fans for their incredible support. I feel sad to leave but also excited for a new challenge. I wish everyone at the club every success for the future."
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