Arsenal manager Arsene Wenger hopes to have a decision on his bid to sign Theo Walcott from Southampton "in the next 24 hours".

The Gunners are understood to have tabled a formal offer for the sought-after Saints striker, in a deal which could be worth £12.5million.

The Coca-Cola Championship club confirmed earlier this week bids from two "top Premiership clubs" had been received.

Chelsea are believed to be the other interested party, while Tottenham manager Martin Jol has revealed his club have also inquired about the teenager's availability.

Arsenal, though, seem to be at the head of the queue - with the 16-year-old thought keenest to further his career in north London.

Wenger said: "We are very heavily in the race. But nothing is done - and as long as nothing is signed, you cannot talk about it."

He told his club's official website, www.arsenal.com: "However, we are hoping to get a decision in the next 24 hours."

Neither Arsenal nor Southampton were making any official announcements on Thursday, but it has been widely suggested Walcott will be unveiled by the Gunners at their regular pre-match press conference on Friday.

As a public limited company, Southampton are obliged to inform the London Stock Exchange when any deal has been completed - and that could happen first thing on Friday morning.

Chelsea are said to have offered more than the initial £4.5million reported to be on the table from the Gunners, which would rise to around £12million based on appearances and the players' development.

However, it is that opportunity to further his career with regular rather than sporadic tastes of first-team football for Arsenal which may prove key to Walcott's decision.

A player of his age can sign a deal for a maximum of three years, with the option to extend the contract in the near future.

Walcott, though, cannot technically sign a professional contract with Gunners until his 17th birthday on March 16.

Wenger last week admitted allowing the young striker to stay at St Mary's for the rest of the season would "not be a deal breaker".

But latest indications are that such an arrangement is a non-starter, with the Arsenal manager keen Walcott should not to be stretched and risk injury by playing too many Championship matches.

Arsenal travel to Everton on Saturday when they are likely to face something of a selection crisis in defence.

England left-back Ashley Cole is reported to have suffered a recurrence of his foot problem, while Pascal Cygan has already been ruled out for around three weeks with a hamstring injury. Centre-back Sol Campbell (ankle) is expected to need a fitness test.

Wenger later revealed England full-back Cole - who had been out for three and a half months - injured a thigh muscle during his return to action in the 7-0 win over Middlesbrough and is expected to be missing for around two weeks, but could return for the FA Cup fourth-round tie at Bolton.

"Unfortunately Ashley will not be ready for Everton and Pascal Cygan is out," Wenger told Arsenal TV Online. "So that gives us quite a problem in the left-back position."

With Gael Clichy not scheduled to be available until March after his foot injury, Wenger could bring in youngster Kerrea Gilbert, who missed the Middlesbrough game with a knee injury.

Centre-half Sol Campbell is also doubtful with an ankle problem.

"Kerrea Gilbert could be back, but I don't know if I'll play him there or somebody else," added Wenger, missing the likes of Kolo Toure because of the African Nations Cup.

"Still, we have a good chance of getting Sol Campbell back. He will have a test."

Wenger continued: "Dennis Bergkamp will be available again.

"Robin van Persie is back in training, but I don't think he will be competitive for Everton. He has a good chance to play against Wigan."