Arsenal Transfer News: Latest on Riyad Mahrez and Theo Walcott Rumours

Arsenal could use out-of-form Theo Walcott as bait in their hunt to sign Riyad Mahrez this summer after it emerged Leicester City are hoping to rival West Ham United for the England international's signature.

According to Italian journalist Emanuele Giulianelli, Foxes manager Claudio Ranieri requested that Walcott be included in transfer negotiations, but the winger isn't interested in a switch (h/t Metro's Mark Brus):

This could only be the tip of the iceberg, however, and the Gunners could be up for a swap deal giving them the 2015-16 Professional Footballers' Association Premier League Player of the Year in exchange for a struggling Walcott.

Leicester may put an end to discussions before they've even had a chance to escalate, however, after the Guardian's Ed Aarons reported negotiations over a new contract for Mahrez are poised to begin this week:

Walcott has long divided opinion at the Emirates Stadium, but after scoring nine goals in 42 games this season and starting in just over half of those matches, the Gunners may be willing to lose their former star.

The ex-Southampton ace's decline was highlighted after he failed to make Roy Hodgson's provisional England squad for Euro 2016, although ESPN's Alex Shaw noted it's all the forward deserved:

Mahrez, on the other hand, was the leading light in Leicester's shock Premier League title win, and while striker Jamie Vardy grabbed a bulk of the headlines, it was the winger who pulled the strings all season long.

And according to Squawka, the Algeria international has a particular penchant for doing damage away from home, an area in which Arsenal could use some aid:

Dan Gibbs of the Daily Express also credited Giulianelli and touched upon West Ham's firm interest in Walcott's services, and attention from the reigning Premier League champions may come to tempt him.

The Sun's Dream Team FC commentator, the True Geordie, even went so far as to label Walcott "this generation's Kieron Dyer" when recently assessing the player's fall from grace:

Elsewhere, the Sun's Alan Nixon reported Arsenal are "winning the race" to complete a £1.2 million move for Bolton Wanderers centre-back Rob Holding, 20.

It's mentioned England under-21 international Holding has already informed Tottenham Hotspur he'll only join the Gunners if he moves to the top flight, and Arsenal could send him back out on loan if they land his signature this summer.