Has the Time Come for Arsenal to Sell Theo Walcott?

Right now, Theo Walcott will be fretting for his place with England at UEFA Euro 2016. The reality is that he should be worried about his spot at Arsenal, too.

Although he has been selected for the most recent round of international friendlies, he will be acutely aware that it’s unlikely every forward in Roy Hodgson’s current squad will make it to the summer tournament. 

It wouldn’t be the first time he’s experienced that kind of heartbreak—he was cut at the last moment from Fabio Capello’s 2010 FIFA World Cup squad, and he has also missed tournaments through injury.

Former England striker Robbie Fowler seems to believe that Walcott’s place is under threat. Fowler told New Day (h/t Sky Sports' Rory O'Callaghan): "If form is being rewarded, as it is for Danny Drinkwater, I'm not sure what Theo Walcott is doing in the squad. He’s not scoring for Arsenal so is clearly picked for what he's done in the past."

It’s difficult to argue with Fowler’s assessment, and therein lies an even bigger problem for Walcott: His form is so poor that his place with his club, not just his country, is now potentially in question.

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What a difference a few months can make. In July of 2015, Walcott signed a new contract that made him one of the club’s highest-paid players. At the time, it was seen as a coup for a club that stood to lose him for free in just 12 months' time.

Walcott had finished the 2014/15 campaign on a high, firing a hat-trick against West Bromwich Albion on the last day before starting and scoring in the FA Cup Final win over Aston Villa. 

Crucially, both those performances came with Walcott playing as a central striker. Wenger’s decision to hand him a new deal was effectively a declaration of faith that Walcott could develop into the goalscorer Arsenal needed. The Gunners did not move for any other type of forward and instead attempted to develop a new style of attacking play based on Walcott’s speed and movement. 

It got off to a decent enough start. Seven goals for club and country in the early part of the season had Wenger telling Richard Arrowsmith of the Daily Mail that Walcott’s form had justified his decision not to bring in a new striker: 

"

At the start of the season, I faced questions from everybody: "why don't you buy a central striker?" So sometimes you have to have strong beliefs and show the players as well that you believe in them in that position.

I always said that he will play through the middle. It took him a while to come back after his knee injury, I must say.

But now in the last few games, he always looks dangerous in this position.

The quality of his movement is outstanding and he has found his finishing again. Now against Man United he has also found his commitment back. 

"

The Manchester United game Wenger makes reference to was Arsenal’s 3-0 win at the Emirates Stadium on October 4 in 2015. Although Walcott did not score that day, he was in outstanding form, terrorising the United back line with his pace and relentless pressure. 

It feels as if his season has been somewhat bookended by games against United. If the home win was his high point, the 3-2 defeat at Old Trafford was the nadir of his campaign. 

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In the intervening period between the two games, his form has tailed off dramatically. Since Wenger’s comments back in October, he has added just four more goals to his Arsenal tally. He has not managed 90 minutes in any competition since December 28.  

It’s difficult to unpick precisely what has gone wrong. He’s not been helped by the good form of Olivier Giroud and latterly Danny Welbeck, and both of those strikers have kept him out the side in different spells. 

However, he also appears to have lost what once made him so dangerous: that ruthless cutting edge. Even at his best, Walcott had a tendency to drift out of games, but he made up for it with penetrative running and lethal finishing. With those positive attributes fading, it can sometimes just feel like Arsenal are carrying him. 

The striker experiment appears to have failed. After the United match, pundit Alan Shearer said on BBC’s Match of the Day (h/t the Guardian's Daniel Taylor): "What I think is unfortunate is we’re still asking the same questions now as we were six or seven years ago. Is he a centre forward? Is he a winger? He’s not even a regular in that Arsenal team. And we’re still asking the same questions."

Now Wenger’s patience appears to be wearing thin. Since the match at Old Trafford, Walcott has been restricted to substitute appearances against Swansea City, Watford and Barcelona.

He was afforded a start when Wenger rotated his squad for the cup tie against Hull City, and he scored two goals. However, it clearly wasn’t enough to convince the Frenchman to start using him more regularly again. He has now started just three of the Gunners' last 13 games. 

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The performances of other players are casting Walcott in an unflattering light. Since returning to fitness, Welbeck’s all-round game has been far more effective than that of the former Southampton man. Currently, Walcott is behind the teenage Alex Iwobi in the pecking order. The young Nigerian’s technical game already appears to be superior to that of Walcott. 

That raises the question: If he’s barely going to play, why keep him? Walcott’s homegrown status ensures he’d still command a significant fee on the transfer market. At 27, this may be the optimum time to sell him before his game heads into an irreversible decline.

With a style based so much on speed, Walcott is never likely to be as dangerous once he gets past 30. Wenger will be acutely aware of that. He has shown in the past that he can make dispassionate decisions to enable him to sell players at the best possible time. That hour may be approaching for Walcott. 

If we work on the assumption that Arsenal still need a new striker, then someone will have to go. Welbeck’s form suggests he deserves to stay, while Giroud’s physical approach provides an invaluable "Plan B." Walcott may find himself the odd man out.

Last summer, Walcott’s new contract appeared to herald the start of a new chapter for the player at Arsenal. However, 12 months on, it may become little more than an insurance policy to guarantee a hefty fee. Walcott’s 10th year with the club may prove to be his last.

James McNicholas is Bleacher Report's lead Arsenal correspondent and is following the club from a London base throughout 2015/16. Follow him on Twitter here.