One of England's brightest stars, valued at around the £15 - 20 million mark could leave Arsenal for less than half a million pounds. Surely the unthinkable for the Gunners couldn't happen......could it?

Arsenal run the risk of losing England star Theo Walcott for just £400,000 after dragging their feet over a new contract. Real Madrid, Manchester City and Chelsea are all aware of the amazing transfer loophole and are keeping tabs on the situation.

FIFA rules mean that any buying club would just have to pay £80,000 training costs for every year that Walcott has been at Arsenal which would equate to just under £400,000 by the time his contract expires in the summer of 2010. Walcott, 19, is frustrated that Arsenal have been slow to discuss a new deal even though his current contract has just 18 months left to run.

How could Arsenal let things get to this stage with one of English football's hottest properties? Why have they not offered Walcott - Arsenal's lowest paid player at £20k a week - a far more lucrative deal to keep him at the club? Surely if he leaves, he will have the pick of any club in Europe, but where should he go?