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Published 08:59 10 Apr 2015 BST
Updated 09:01 10 Apr 2015 BST
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Brendan Rodgers is a long-term fan of 26 year old Walcott, and could've signed the player two summers ago, as part of the potential Luis Suarez to Arsenal transfer. While Wenger is interested in Sterling, and is prepared to let Walcott leave.
Sterling said in his unsanctioned interview with the BBC that he was 'flattered' by rumoured interest from Arsenal, while Walcott was reportedly a Liverpool fan growing up.
More importantly, Walcott is also a fan of starting games, which hasn't happened at Arsenal recently.
Arsenal and Liverpool aren't the only Premier League top four contenders chasing a new winger. According to The Daily Mail, Manchester United are interesed in Memphis Depay, and have just received a significant boost in their pursuit.
PSV Eindhoven director Marcel Brands has said that there is a 'high chance' the 21 year old Dutch winger will leave the club this summer, with United in prime position to sign the player who featured for Louis van Gaal at last summer's World Cup.
'The chances are very high that he leaves,' Brands said. 'If you see what clubs are enquiring about him, they really are the best in Europe.
'When I talk for PSV I would say he is not ready and should continue here for another year. But I am realistic and if I worked at a big European club, I’d buy him without question.
'With a heavy heart [we would let him go], because a great player and a great guy leaves. But we are also proud that a boy from the academy is going to make such a step'.
Depay has 19 goals in 25 league games this season, and has also reportedly attracted interest from PSG, Manchester City and Tottenham Hotspur.
If Depay does arrive at Old Trafford, he's unlikely to ever play alongside Tom Cleverly. The United midfielder, currently on-loan at Aston Villa, is out of contract in the summer, and will not be returning to his parent club. According to The Guardian, Everton have identified Cleverly as a key transfer target. No, really.
Roberto Martinez attempted to sign the player last year, and has previously worked with him while at Wigan. The Everton manager said this week that his: 'focus is to make sure we bring in two or three players to step up a level and become stronger'.
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