Arsenal and Chelsea tonight remained locked in a battle to land Southampton's teenage striker Theo Walcott.

The Coca-Cola Championship club confirmed they have received offers from two top Premiership clubs - thought to be Arsenal and Chelsea - and they were expecting a third to materialise shortly.

Arsenal are believed to have had a bid of £12million rejected at the weekend but manager Arsene Wenger hopes a successful conclusion can be reached.

Southampton chairman Rupert Lowe said: "We have now received a couple of offers, and the indications are another may follow. These have not been accepted or rejected at this stage."

Tottenham, Manchester United and Liverpool have also expressed interest in the youngster who can walk out on the club for a tribunal-set fee because he is only 16.

Walcott, a boyhood Arsenal supporter, is thought to prefer a move to the Gunners - but Chelsea's financial muscle can dwarf any offer on the table from other clubs.