They seem serious enough.
Chelsea are monitoring Theo Walcott's contract situation at Arsenal and may make a move to sign him if he becomes available in the summer. The England forward will have a year remaining on his contract at the end of the season, but has yet to be offered a new deal by Arsenal.
The Times then go on to talk about the need ("need") to fill up the home-grown spots in the Chelsea squad and about how apparently Walcott has "admirers" at Chelsea and how we tested the waters three years ago when all Walcott wanted to play was center forward but big mean Arsene Wenger kept putting him out wide. Plus, we've been linked with other famous options on the right wing recently like Gareth Bale or Marco Reus or Lionel Messi or Garrincha or Stanley Matthews or Roberto Donadoni, so why not Walcott.
Fortunately, it is April 1st, so perhaps this is all just a better disguised hoax than the ones about half-Arsenal-half-Chelsea Ashley Cole statues and the like.