Italian website Calciomercato suggests that such a move might make some sense although it offers no source and appears at the moment to be sheer speculation.
Walcott is out of contract with Arsenal at the end of the season and although talks are believed to be continuing over a new deal there appears to be no prospect as yet of him putting pen to paper. He can talk to overseas clubs about a pre-contract deal from 1 January.
The Gunners missed out on 24-year-old Argentina international Alvarez in July 2011 after seemingly being on the verge of securing his signature from Argentine side Velez Sarsfield, butInter came in with a late bid of £10.6million along with a £100,000-a-week pay package to see off Arsenal. However, Alvarez has failed to impress for the Serie A side and was linked late last year with a loan to the Emirates. He has 24 Serie A games under his belt for Inter – three of which have come this season – but nine of those appearances have been off the bench.
Calciomercato suggests that a cash adjustment might be paid to Arsenal to recognise Walcott’s higher value. The England international has also been linked with Liverpool, Manchester City, Chelsea and Inter’s Serie A rivals Juventus.
