Arsenal recovered from two goals down late on to draw 3-3 with bottom side Southampton, though the Premier League leaders ultimately dropped points for a third game running.

After squandering 2-0 leads to draw 2-2 in their past two games, Arsenal found themselves behind by that same scoreline inside 14 minutes in a thrilling contest at Emirates Stadium on Friday.

Carlos Alcaraz took advantage of an Aaron Ramsdale error inside 27 seconds and former Gunner Theo Walcott added a second, before Gabriel Martinelli pulled one back before half-time.

Duje Caleta-Car added a third for Southampton, but Martin Odegaard's strike was followed up by Bukayo Saka's 90th-minute leveller, leaving Arsenal five points ahead of Manchester City – who they face on Wednesday – having played two games more.

Theo Walcott has reached an agreement in principle with Southampton to join his boyhood club on a permanent deal at the end of the season.

Former Arsenal forward Walcott has spent this season on loan at Saints from Everton, with whom he is out of contract in June.

The 32-year-old has now agreed a two-year contract with Southampton to tie him to the club until 2023.

Walcott has played 20 Premier League games this season, scoring three times and adding three assists.

"I'm not sure I can properly express how happy I am about this," Walcott said after Saints confirmed the agreement on Tuesday.

"Southampton is a club that means so much to me, and it has been incredibly special for me to have spent this season back at St Mary's.

"But to now have the opportunity to return for a further two years means such a great deal to me, both personally and professionally."

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