Arsenal is bracing to lose yet another big-name player after reportedly failing to convince Theo Walcott to sign a new contract.
Walcott has turned down a deal worth around 4 million pounds-per-season ($6.3 million) and could be sold before the transfer window closes on Friday.
An Arsenal spokesperson told ESPN that reports that talks have ended are "all speculation. Negotiations are ongoing."
When asked for coment, Walcott's representatives told ESPN they had "no comment to make."
Walcott reportedly wants to continue negotiations over what is said to be a 75,000 pounds-per-week ($118,000), five-year contract to replace the one that expires next summer.
The 23-year-old wants a better deal -- nearer 100,000 pounds-per-week ($158,000) according to reports -- and should he and Arsenal fail to reach an agreement in the next 48 hours, it could signal the end of his six-and-a-half-year stay in north London.
Walcott has been valued between 12 million and 15 million pounds ($18.9 million and $23.7 million) and has already been linked with Liverpool this summer.
Reports suggest Barclays Premier League champions Manchester City are also interested in adding the England winger to their ever-increasing ex-Gunners contingent after seeing a bid for Swansea's Scott Sinclair rejected.
Walcott's loss would be viewed by many as another huge blow to Arsenal, who lost captain Robin van Persie to Manchester United earlier this month.
Walcott was one of Van Persie's main providers last season as the Dutchman notched 37 goals, with Walcott himself scoring 11.
Walcott, who joined the Gunners from Southampton as a 16-year-old in 2006, started their home game with Sunderland on the opening day of the season but was left on the bench for Sunday's match at Stoke, eventually coming on after 72 minutes in what was their second straight goalless draw.
Information from Press Association was used in this report.