The 25 year-old ruptured the anterior cruciate ligament in his left knee during an FA Cup third-round tie against Tottenham in January, where Arsenal ran out 2-0 winners.

Walcott missed the rest of the season and also cost him a place in Roy Hodgson's World Cup squad.

"We expect him to be back in full training at the end of August. Theo has a good basis, which is what he's working on now," said Arsene Wenger.

When Walcott suffered the injury Arsenal indicated he would be out for at least six months. However, the North London club has for a while now accepted that he would not return before the start of the season on August 16.

The English International is excited over the prospects for his come back to action.

"Things are looking really good and I have worked very hard for the last five months now," he told Arsenal's website. 

"The most important thing is getting the strength back and it has pretty much nearly healed, it is just about building up that stability and strength again."

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