Theo Walcott is set to stay at the Emirates side

Premier league transfer news brings in some good news for Arsenal FC fans. In Arsenal transfer news, Theo Walcott is on the brink of signing a new contract with the Emirates side, which will retain the player till 2017. The cost of the renewal deal is reportedly risen from £60,000-a-week to around £90,000-a-week.

One condition of the the English player seems to be fulfilled and regarding the second term of the agreement, Arsene Wenger has agreed to play the winger regularly in the forward position. Walcott had earlier started at the front of the football field for Arsenal FC in the last five matches and scored four goals including a hat-rick.

In Chelsea transfer news, the Blues are looking to increase their bid for Everton midfielder, Marouane Fellaini, as they plan to fulfill the buyout clause of £22 million. The buyout clause states that the player can leave if the bid received for a transfer accounts to £22 million or more. Chelsea FC might be looking at Fellaini as a replacement for Frank Lampard.

Real Madrid midfielder, Luka Modric has alerted his suitors, Chelsea FC and Manchester City FC, for a feasible January transfer move, by stating that he is not happy at the Spanish club. The Blues and City are linked strongly to the player over a transfer move. Modric has scored only once for Madrid since his signing.

In Manchester United transfer news, Sir Alex is looking to sign Blues reject Frank Lampard in summer. The Chelsea FC legend is reported to have reservations about joining Premier League clubs, but it would be difficult to resist an offer from the Old Trafford side.