The 28-year-old has not started a single Premier League game for the Gunners this term but is attracting interest from elsewhere.
'I think you are all aware of our interest in Theo, ' said Allardyce. Allardyce also thinks he can give Walcott the chance to make a late run to try to force his way into England's World Cup squad, however unlikely that may now seem.More news: Canada Preparing For US To Pull Out Of NAFTA Trade Deal
A fee in the region of £20 million is being mentioned for the England winger, but the Toffees will face stiff competition from Walcott's former club, Southampton. But I don't want to give news that I can not confirm.
Tosun told the club's official website: "I can say that I am a very good and unsafe striker when I am in the penalty box".
He said: "It's not imminent but negotiations are going on and we're hoping to negotiate a permanent deal".More news: MI analyst Scott Turner leaving for NFL's Carolina Panthers
Walcott's wages of £110,000-a-week could prove to be a problem for the Saints while it is something that Sam Allardyce's club will be able to get close to.
Walcott joined Arsenal in January 2006 for £12.5m and has scored 108 goals in 396 appearances.
"I don't get optimistic otherwise I get disappointed".More news: Samsung will show the Galaxy S9 at MWC next month
However, the attacker has been in and out of Arsene Wenger's starting lineup in North London for several seasons now, with injuries and the presence of more consistent stars having made life hard for Walcott in the English capital. We are short of goals so to add power in our goalscoring ability would be very important for me if we can negotiate that transfer'. "You never get excited until someone has signed on the dotted line", he said.
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