According to The Sun, via Joe Short of the Express, an unnamed source from Chelsea said: "Arsene Wenger wants a top 'keeper from us, Cech. Well, in exchange, we would like Walcott or Oxlade-Chamberlain."
Neither would be guaranteed a starting berth in Chelsea's team, but they could offer cover for the Blues.
Walcott has struggled with injury for the past two seasons and has made just five starts this campaign, per WhoScored.com, but prior to that he was enjoying the best form of his career.