Arsenal players will have to take significant wage cuts if they fail to finish in the top four and qualify for the Champions League, the Daily Mail reports.

The club are currently trying to secure deals to keep key players such as Theo Walcott at the club, but Sportsmail can reveal that these new deals will include Champions League failure clauses which will allow for players’ wages to be cut if they don’t make the competition.

Other than Walcott, players who are in talks over these new deals include Carl Jenkinson, Kieran Gibbs, Alex Oxlade- Chamberlain, Jack Wilshere, and Bacary Sagna.

An Arsenal spokesman described this kind of contract policy as “normal practice across football clubs.”

The non-inclusion of Theo Walcott and Bacary Sagna in the Gunners’ 2013 team calendar has already sparked rumours that they are close to moves away from the Emirates.

Arsene Wenger is also keen to add to his squad in January and while remaining tight lipped over confirming who these might be, it is believed both Klaas-Jan-Huntelaar and a loan deal to bring back Gunners legend Thierry Henry are on the cards.

“This winter we will work very hard because we have some funds available. It could happen that we buy two players, but I cannot reveal the names,” Wenger said.