Contract sagas at both Old Trafford and Emirates Stadium could result in this extraordinary arrangement.

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Manchester United are keeping a close eye on the contract situation of Theo Walcott at Arsenal, and could offer a player of their own in exchange.

Gunners boss Arsene Wenger has hinted that if Walcott’s transfer situation was not resolved by Christmas he would consider selling the England winger in January.

“I wouldn’t like to [sell him],” said Wenger.

“I’ve not even thought about that, because at the moment I think we will still manage to make a deal with him.   

“But there is urgency. How much I don’t know, but there is urgency. We want to sort it out before Christmas, one way or the other.”

Manchester United boss Sir Alex Ferguson will be well aware that Theo Walcott and Robin van Persie combined for the most goals out of any two players in the Premier League last season.

That kind of partnership is difficult to replicate, and Ferguson will feel he has a ready made solution at a cut price should Walcott not sign a new deal before the January transfer window.

However, Manchester United have a winger contract situation of their own to resolve.

The club and Nani have been unable to come to a solution on a new contract, and though the Portuguese star’s deal has a further year to run than Walcott’s, he is still reportedly considering his future.

With Ferguson seemingly losing patience with Nani, and cutting him out of his first choice XI, could a straight swap for Walcott in January make sense for all parties?

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