The 28-year-old has often been linked with an exit from the Emirates Stadium in recent years, but manager Arsene Wenger is now reportedly ready to part ways with the long-serving forward.
According to the Daily Mail, the Toffees have enquired over the availability of the England global over a potential deal in the winter transfer window.
And, as per further reports this evening, the Hammers have since been joined by Everton in the race for Walcott's signature, with Sam Allardyce keen to add to some much needed pace and dynamism to his Toffees squad.
The former Saints graduate, who has scored 107 goals for Arsenal to date, has not featured for the Three Lions in the calendar year with Gareth Southgate stating that England have better options in place for the wide positions.
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However, with Walcott's place at Arsenal now more unclear than ever before, rumours have emerged over the last couple of days that West Ham are ready to reignite their chase of the experienced wide-man upon the opening of the winter transfer window in January.
Meanwhile, Mathieu Debuchy, Carl Jenkinson and Calum Chambers could also all be sold or loaned out in January as Wenger looks to raise funds by offloading a number of fringe players.
He hasn't played since the beginning of November, and has fallen way down the pecking order in North London.
The ex-Malaga ace has flopped at Goodison Park since arriving in the summer, and could be handed a lifeline back to Spain with high-flyers Valencia.