Chelsea want Theo Walcott or Alex Oxlade-Chamberlain in exchange for Petr Cech?

Arsenal have reportedly been told that they must offer either Theo Walcott or Alex Oxlade-Chamberlain to Chelsea if they are to land Petr Cech this summer.

The Blues stopper will leave Stamford Bridge at the end of the season following 11 years' service, having slipped down the pecking order since Thibaut Courtois returned from his Atletico Madrid loan spell.

Cech's agent Viktor Kolar revealed earlier this week that Arsenal, Paris Saint-Germain and Manchester United are all in the running to land the Czech's signature, although The Sun claims that the Gunners remain favourites.

However, the same report also suggests that the North London club will have to part company with Walcott or Oxlade-Chamberlain, with Jose Mourinho said to be keen on adding some width to his side.

"Arsene Wenger wants a top keeper from us," a Chelsea source told the publication. "Well, in exchange we want Walcott or Oxlade-Chamberlain.

"They may not be in the Arsenal team but we are convinced Jose Mourinho could make them into top players again."

Cech has one more year left to run on his current deal.