The England international has also been linked with AC Milan and his former club Southampton, but Allardyce is hopeful of securing a deal for the 28 year old:
“You are all aware of our interest in Theo. Be delighted to get it over the line. Negotiations ongoing. Would be great addition.”
Walcott has struggled for first team opportunities this campaign, and has failed to start a Premier League match for the club this season.
Most of his opportunities have come in the Europa League, and he has certainly made the most of the chances he has got in the competition, with three goals and five assists in only five group stage matches.
However, a change in formation to three at back has left him without game time, and it looks as though he will now leave after spending 12 years at the club.