Walcott, who has never hidden the fact that he is a devout Liverpool fan, would become Rodgers' third signing as Reds boss, after the £10.5 million signing of Fabio Borini and £15 million man Joe Allen.
The England winger, who has made 220 appearances and scored 42 goals for Arsenal since joining for £9.1 million from Southampton in 2006, would add much-needed speed and dynamic width to a Liverpool team that struggled on the wings last season despite signing Stewart Downing for a believed £20 million a summer ago.
Walcott is undoubtedly settled in North London, having enjoyed blossoming into an important first-team player over the past few seasons and finally reaching his full potential in 2011-12 with 11 goals and 13 assists in 46 games for the Gunners.
However, if the signings of attackers Santi Cazorla, Olivier Giroud and Lukas Podolski, as well as the establishment of 18-year-old Alex Oxlade-Chamberlain as an important first-team player, force Walcott to the substitutes bench and sees him play sparingly in the first few games of the season—as is somewhat expected—Walcott might be interested in a move away from the Emirates Stadium.
The lure of regular football and the opportunity to play with the likes of Daniel Agger, Steven Gerrard and Luis Suarez at Anfield would be strong.
Undoubtedly, Walcott's acquisition—no matter how expensive he proves to be—would be a huge coup for Rodgers and his Reds. As mentioned, Downing has failed to prove himself in the Reds squad and the winger position is commonly thought to be one of the biggest holes in the side.
Walcott would allow Suarez to move into a central position up front in a 4-3-3 formation, with the 23-year-old London-native on the right wing and Fabio Borini on the left.
Rest assured, at this point, any deal seeing Theo Walcott join Liverpool is an extremely long shot, but anything can happen in football and there is no telling what the last few days of the transfer window might bring.
And we can at least dream.