Is Time Running out for Theo Walcott at Arsenal?

When Arsenal travelled to Monaco needing to win by three clear goals to secure Champions League progression, Theo Walcott must have thought he had a chance of earning a start.

However, once again the England international was forced to begin the game from the bench. He has now started just one of Arsenal's last eight games. In four of their last seven matches, he has remained an unused substitute.

It's a dramatic fall from grace for a man who became the highest-paid player in the club's history just a couple of years ago. With his contract due to expire in little over a year, questions are now understandably being asked about his future with Arsenal.

The problem was illustrated when Walcott did eventually make it off the bench at the Stade Louis II. Although he had a hand in Arsenal's second goal, striking the post before Aaron Ramsey scored on the follow-up, he was largely anonymous.

Against a packed deep defence, Walcott offers little. He does not have the trickery to dribble between several markers, nor the vision to unlock the opposition with a cute pass. At one stage in his career, he was at least willing to stay wide and stretch the play, but he is increasingly drawn in to playing close to Olivier Giroud as a second striker.

The issue for Walcott is that there are precious few other scenarios in which he is particularly effective. We've already established he struggles to break down a massed defence, and his lack of defensive nous means he isn't trusted to help defend a lead.

He is most effective in an open game, when Arsenal are able to strike on the counter attack. However, that's a set of circumstances that occurs relatively rarely.

Walcott is a specialist in a squad packed with all-rounders. Wenger feels that both Alexis Sanchez and Danny Welbeck represent a safer choice than a player who can only thrive on very specific occasions.

The Arsenal boss has made that clear to Walcott, telling him he faces a battle if he wants to be a regular on the teamsheet. Wenger told David Hytner of the Guardian:

"I want him to stay and be a regular player and fight for his place. But no matter where you go, if it is a big club, you have to compete for your place. We went to Manchester United on Monday night-look at what they had on the bench. Look at what was sitting on the bench at Chelsea v Paris Saint-Germain on Wednesday night. That is part of the job."

However, Walcott has to have the stomach for the fight. As a prized international player, he'll know that plenty of clubs would be willing to sign him should be choose to leave Arsenal. At a new club, he might find a starting spot easier to come by.

When discussing the contract negotiations, Wenger has not seemed particularly positive:

"The first contacts have been established with the embassy. We will see how that progresses politically. Walcott was difficult to convince [last time] and that is why it took us much time. We started very early with him but it was slow progress. He is very quick on the pitch but off the pitch, not always."

Walcott can not afford to be too slow when it comes to responding to Arsenal's offer, or he may find the Gunners are prepared to move on without him.

James McNicholas is Bleacher Report's lead Arsenal correspondent and is following the club from a London base throughout the 2014-15 season. Follow him on Twitter here.