Five months after Walcott rejected Arsenal's first offer of a £78,000-a-week deal, the forward has finally signed, delivering a significant boost to manager Arsene Wenger, and potentially signalling a change in policy at the Emirates.
Wenger has operated with a wage ceiling of around £90,000 a week for his leading players, and said recently he set the wages and terms of all players personally.
Andrey Arshavin is among those Wenger has placed at the top of the pay structure without necessarily justifying his value to supporters.
Walcott's willingness to hold out for an improved deal forced Wenger to blink first for fear of losing another top player at the end of the season.
Had Walcott, in the last year of his current deal, taken a similar route, it would have been a severe blow to Wenger and the club. (© Daily Telegraph, London)