One of the most compelling, remarkable and absorbing games of football ends in the most dramatic of ways. Arsenal were 4-0 down before coming back to lead 5-4, and goals from the heroic Walcott and Chamakh seals Arsenal's incredible passage into the quarter-finals. Thanks for your company at the Madejski Stadium and I'll see you all soon.
FULL TIME. Reading 5 Arsenal 7.
An incredible error from Gunter allows Chamakh in, with space aplenty, before wrapping up this remarkable encounter with a delicate chip over the top of Federici!
GOAL FOR ARSENAL - CHAMAKH!
Arshavin does tremendously as he storms forward and unleashes a rocket at goal, which is cleared off the line, before Walcott stabs it home to surely, surely claim a winner!
GOAL FOR ARSENAL - WALCOTT!
Giroud, with a great chance to win it, swerves a shot towards the inside of the far post, and with Federici static, it lands narrowly wide.
I'm completely exhausted, let alone how the players and fans must feel. Jenkinson, meanwhile, plays a careless ball across the park and Leigertwood picks it up for Reading.
Eisfeld is booked for a lunge on Robson-Kanu as Reading looked to break.
The drama continues as Gunter's drive across goal is flicked into the net by Pogrebnyak and we're set for penalties in one of the greatest ever Capital One Cup games!
GOAL FOR READING - POGREBNYAK!
Yellow card for Martinez for time wasting.
Robson-Kanu is played in, with Gunter finding Pogrebynak right in his way as he attempted a volley, which was from a wonderful position as well.
Much better work from Arshavin who whips a driven ball into the box to force Gunter into a far from easy clearance.
Morrison is booked for a cynical tackle on the advancing Chamakh.
McAnuff makes a tremendous run down the right but Coquelin slides in, and as Arsenal look to counter, another poor decision from Arshavin sees the move break down.
Martinez redeems himself with a wonderful save, denying Morrison at the near post, where the offside flag went up regardless in the end.
Chamakh hussles superbly to dispossess Leigertwood, but Djourou climbs all over Church moments later to concede a free-kick.
An incredible ball from Leigertwood sees Koscielny struggle against Church before eventually conceding a corner. The ball comes in but Gorkss can only head over the bar.
Reading kick off the second period of ET.
HALF TIME IN EXTRA TIME. Reading 4 Arsenal 5.
Reading look completely shell shocked as Leigertwood's ball to McAnuff is cut out confidently by the new arrival Meade.
That will be Miquel's last involvement as he is replaced by Meade.
Miquel falls down, appearing to have cramp, and the left-back is really starting to look tired now, an avenue Reading must surely start to attack in the second period.
Pogrebnyak holds up the ball for Church, but he is crowded out by Djourou and Jenkinson who have improved greatly as the game has gone on.
They've done it! Arsenal have come from 4-0 down to lead 5-4 as Arshavin tees up Chamakh, his shot firing through Gorkss legs and past the despairing dive of Federici.
GOAL FOR ARSENAL - CHAMAKH!
Giroud and Eisfeld fail to put the finishing touches to a lovely Arsenal move, which seemed even greater knowing how the fatigue must be setting in to those that started the game.
Walcott whips a peach of a ball into the six-yard box, but none of his team-mates attack it and Reading end up seeing the ball out of play.
Morrison steals the ball away from Coquelin down the right side, but can only boot away as far as Koscielny who beats Church to the ball.
Walcott continues to be completely breathtaking as he dribbles his way down the right before Arshavin earns Arsenal a corner.
Shorey delivers the free-kick, with Morrison meeting it with a powerful header that ends up sailing marginally over the bar.
Gunter goes deep with a cross from the byline, and Robson-Kanu holds the ball up before Pogrebnyak draws a silly foul from Chamakh.
The action is thick and fast now as Arshavin aims to slide in Giroud, with Morrison's positioning fortunate as he steps in to intercept.
Miquel clears behind from Koscielny's lay-off, as Church lurked behind him from McAnuff's delivery.
Walcott's stunning run across goal is nearly capped off with a lovely finish to boot but it's a shot that fizzes narrowly wide of goal.
At the other end, Arsenal come close through Giroud, and from the early evidence this could be another incredible period of a truly incredible game.
Arsenal get the game back underway, with McAnuff dribbling out from the halfway line for Reading and drawing a strong save from Martinez!
It's the most incredible of scenes as Walcott's shot crosses the line before being cleared by a Reading defender. The ball falls back to Jenkinson who powers home the equaliser and with virtually the last kick of the game the whistle blows! Stay with us here for extra time!
FULL TIME. Reading 4 Arsenal 4.
GOAL FOR ARSENAL - JENKINSON!
A late, clever sub by Reading as Roberts comes off with Church's arrival killing a crucial few seconds.
Pogrebnyak clears and does fantastically to use all his pace to break away as Reading end up winning a throw-in deep in Arsenal's half.
Walcott comes close and earns a corner as Arsenal pile everyone up for the delivery!
Four minutes of added time to be played.
Koscielny tugs down Roberts on the byline, and incredibly, no second yellow card is given. The Frenchman is a very, very lucky boy.
Koscielny finds space in the box and powers home a header that could be pivotal in a truly tremendous come back here!
GOAL FOR ARSENAL - KOSCIELNY!
Walcott's placed shot cannons off the head of Gunter and Reading have just over a minute to deal with the Gunners' onslaught.
Shorey's free-kick is handled by the uncertain Martinez, who eventually claims it at the second bite of the cherry.
Giroud stumbles trying to get a shot away, and Reading break with Roberts, who is unceremoniously hauled down by Kosicleny and that'll be a yellow card.
Gunter heads away an Arsenal corner, but top defending from Pogrebynak on the touchline earns Reading a much-needed chance to retain possession.
As Pogrebnyak holds up the ball for Reading, a loose touch ends up with Coquelin going down as Arsenal continue to fight valiantly for late drama.
Tabb runs at goal sublimely, aiming a ball into the box with Djorou getting in the way, as Tabb claims a penalty that wouldn't be given in a month of Saturdays.
Arshavin does excellently to work himself into the penalty area, showing great pace, but again, his final ball is terrible as he fires wildly wide of goal.
Coquelin looks to curl the ball into the path of Chamakh but the ball is slightly too pacey and it ends up eluding the Moroccan striker.
Another brilliant chance for Arsenal as Chamakh flicks on an Arshavin corner, with Giroud inches away from poking home at the far post.
Reading's first chance in upwards of 20 minutes arrives as Morrison aims a header at goal from a corner but can only find the fans behind goal.
Giroud picks up a booking in the midst of that for claiming a corner far too vehemently.
Federici makes an exceptional save! It's a header from Giroud after Arshavin's delivery and the Reading keeper parries it away full stretch at the near post.
Eisfeld goes for goal with an ambitious effort that perhaps would have been best served with a ball to a team-mate on either the right or left sides.
Giroud takes aim but hits an Arsenal man in the wall. Reading clear but you have to give credit to Arsenal, especially their attacking line for the way they've responded this half.
McAnuff eases out Eisfeld, and a slighly harsh free-kick is awarded to Arsenal roughly 20 yards from goal.
Double change for Reading, with Hunt and McCleary making way for McAnuff and Pogrebnyak.
Giroud lets rip with a venomous shot, and Federici can only spill it before Gorkss sweeps up under the threat of Walcott.
Walcott goes for goal but it's a terrible effort, from a man not exactly renowned for taking free-kicks.
Giroud is tripped on the edge of the area by Leigertwood, resulting in a yellow card for the Reading man and a free-kick in an extremely dangerous place.
Arshavin plays a careless ball into Leigertwood but Reading can't break with any fluency and Koscielny steps in on Roberts.]
Djorou is felled by Robson-Kanu, and Arsenal begin their attack from the back, which looks a lot more menacing with every pass now.
Jenkinson looks for Walcott down the right but it's a poor ball, and Reading earn a moment's respite from Arsenal pressure.
Eisfeld finds Miquel. whose cross is a good one into the box but Morrison gets his head on the ball and clears away.
A few eyebrows will be raised now as Giroud's header from the corner brings it back to 4-2. We've got ourselves a game on.
GOAL FOR ARSENAL - GIROUD!
Chamakh looks to slide in Giroud, with Shorey stepping in well to end up conceding a corner.
Hunt is caught offside from Gunter's ball down the line, as Reading seem quite happy to minimalise their attacking threat for the time being.
It's a double change for Arsenal as Frimpong and Gnabry comes off for Giroud and Eisfeld.
Djourou is tripped by Roberts, and as the free-kick find Jenkinson, his pass back to Frimpong is cut out by Tabb.
Good work initiallty from Arshavin, who cuts away from Gunter nicely, but his ball into the box is extremely poor and it results in a Reading goal kick.
Gnabry looks to drive through but Morrison reads his attempt to shoot and steps in excellently.
Hunt is reprimanded by the referee for a poor challenge on Coquelin, while on the sidelines, Arsene Wenger has a very one-sided conversation with the fourth official.
Walcott is beginning to pull the strings in every Arsenal attack, and the Gunners win a free-kick as the forward is clipped by Tabb.
This is much better from Arsenal, as another chance goes begging with Walcott poking the ball across goal with Gnabry unable to make contact at the near post.
Chamakh is booked for questioning vehemently the choice not to award Arsenal a penalty after Gunter appeared to have handled in the box.
Arsenal come very close to pulling a second back as excellent work from Walcott results in Gnabry shooting across goal with no-one ready to pounce for a tap-in.
Quite an obvious handball from Hunt is more comical than malicious, although it perhaps should have been a yellow card as Arsenal play on.
Walcott continues to be Arsenal's main avenue of attack as Arshavin plays him in, the forward winning a corner as Federici parries his shot.
Roberts manhandles Koscielnt out of the way, before setting up Leigertwood who is pressured enough to end up firing over the bar from 20 yards.
A Reading free-kick is cleared by Koscielny, with Gunter unleashing a ferocious effort from range that trails so wide it catches McCleary, the free-kick taker, offside.
The ball crosses the goal line, but a foul is given against a Reading player and Arsenal win a temporary reprieve.
Arsenal survive two penalty appeals, as Chamakh floors Hunt before Coquelin handles in the box. Neither decision is given and Reading aren't happy to say the least.
It's Reading who resume on the frontfoot, with Hunt drawing an awkward save from Martinez before Miquel scrambles the ball over the bar to concede a corner.
Reading get the action back underway.
Liam Ryan writes: "Oh Dear. I was worried about the game against United on Saturday - looks like we are being given a sneak preview of what to expect. What a shocking first half. I don't expect them to come back, but at least salvage some pride."
It's been a shambolic half for Arsenal, one they won't ever want to look back on in a hurry, but Walcott's goal gives them a route, albeit a small back into the match. Send your second half predictions to email@example.com or @JWoodfield365
HALF TIME. Reading 4 Arsenal 1.
Could the comeback be on? Arshavin's tremendous pass finds Walcott inbetween the Reading centre backs and a lovely finish from the forward pulls a goal back for Arsenal.
GOAL FOR ARSENAL - WALCOTT!
Gnabry is flattened by Gunter but incredibly no foul is given. Arsenal win the ball back, and as Chamakh goes to shoot, a Reading defender gets in the way to take the sting off the ball.
Two minutes of added time to be played.
Great chance for Arsenal, as from the corner Koscielny is presented with the opportunity to shoot but he can't sort his feet out and Morrison gets in the way before clearing.
Gnabry finally strutts his stuff, cutting across goal after losing Gunter and unleashing a shot that deflects behind for a corner.
Lovely work from Coquelin, who turns away from Tabb skillfully before playing in Chamakh, with his team-mate drawing a solid save from Federici.
Reading again break with Gunter, but Roberts is ajudged to have tugged the shirt of Koscielny and Arsenal win a free-kick.
Some Arsenal fans are heading for the exits and after this performance you can't blame them, Arsenal have been truly awful so far and surely a half-time verbal battering awaits from Arsene Wenger.
It's another cross into the box, this time from McCleary, and Arsenal fail to deal with Hunt who skips in front of Koscielny to power the fourth goal past Martinez. 4-0 and surely game over!
GOAL FOR READING - HUNT!
McCleary gets past Miquel far too easily but a terrific sliding clearance from Koscielny prevents Roberts being presented with a tap-in.
Jenkinson whips into the box from the right but Chamakh is some way away from making contact and Federici claims.
Miquel cuts inside from the left, but again Arshavin's final ball is poor as he looks for the run of Walcott but applies far too much pace to the pass which runs out for a goal kick.
Hunt attempts a drive from the edge of the box, and Martinez does much better this time as he gathers the ball comfortably.
Walcott is forced wide, before Arshavin picks up the ball, his chip into Chamakh finding only the path of Gorkss.
A lazy ball from Gnabry has no chance of finding Chamakh, as Arsenal really struggle to create anything resembling a chance right now.
Reading call for a handball against Frimpong but the referee waves play on. Arsenal maintain possession, but Jenkinson is forced back thanks to good defending by Shorey.
Arsenal knock the ball around without ever going anywhere, and Reading will lap this up all game as they hold their shape and comfortably keep the Gunners back.
Gnabry can't find Chamakh with a ball in behind Gunter, and the Arsenal manager is visibly livid with the way things are playing out here.
Frimpong finds space on the right before feeding in Walcott, who takes a touch, inadvertantly denying himself space as Gorkss makes a timely challenge.
As the Gunners fans in attendance look stunned, Coquelin mops up an attack led by Hunt, with Arsenal looking to break before Arshavin's final pass is cut out by Morrison.
Arsenal's defence is all over the place and this could be a humiliating half for the Gunners unless their unexperienced ranks can find some composure here.
It's 3-0 and Martinez has a complete howler as Leigertwood lets rip from the edge of the area, the keeper making a complete hash of his attempt to save it as he pushes it behind goal.
GOAL FOR READING - LEIGERTWOOD!
This is quite incredible. Brilliant link up between Gunter and McCleary sees the former drill the ball into the penalty area and it clips the unfortunate leg of Koscielny, deflecting past the helpless Martinez.
GOAL FOR READING - KOSCIELNY OWN GOAL!
Robson-Kanu's trickery draws the foul from Arshavin on the left and Reading have a free-kick in quite a dangerous position.
Reading attack with numbers, but McCleary's cross from the right is cleared by Koscielny. It's the hosts who are doing everything right at the moment.
Gorkks and Morrison end up getting in each other's way from the delivery and the ball rolls out for an Arsenal goal kick.
Robson-Kanu threatens again, but this time he is marked far better by Coquelin who tackles to concede a corner.
It's a great goal from Reading, with Hunt finding Robson-Kanu on the left before a precise ball into the six-yard box is met by Roberts at close range. A brilliant start from the Royals!
GOAL FOR READING - ROBERTS!
Federici awkwardly parries Arshavin's delivery, but Coquelin's subsequent ball back into the box is poor and lands out of play.
Arshavin finds Walcott by accident, but it works to Arsenal's advantage as the forward twists and turns and earns Arsenal a corner.
Martinez takes a nudge in his attempt to smother the delivery - a decision which seems quite generous given the lack of contact on the Arsenal keeper.
Roberts wrestles with Djourou, showing his strength before playing in Tabb, who is smothered by Martinez with the end result a corner.
Morrison heads away for Reading, but Arsenal maintain their attack through Jenkinson, but his delivery into the near post results in a corner, despite it quite clearly clipping a Reading defender.
The tackles are flying in as Hunt is penalised for a foul on Jenkinson, with Walcott played in over the top from the free-kick forcing Gorkss into conceding a corner.
Chamakh is penalised for handball, with the striker's hair gelled to the max as he makes a rare Arsenal appearance tonight.
Leigertwood slides through Coquelin to concede a free-kick, but solid defending from Shorey prevents a quick break down the right.
From the corner, Gorkss heads on target but an incredible save from Martinez pushes the ball on to the post and away!
A slightly shaky start from Arsenal as Djourou plays his team into trouble. Reading have started well though as Hunt earns them a corner.
Arsenal kick off and get the game underway.
Arsenal (5/6) are well backed to progress to the quarter-finals. Reading have never beaten the Gunners, but some punters are nibbling at the 3/1 on offer for a surprise home win. With Hal Robson-Kanu netting a last gasp goal to rescue a point against Fulham on Saturday it's a tasty 55/1 for Kanu to net first and the Royals to win 1-0 or 2-1.
Daniel Chumley writes: "My prediction for tonight's game has to be a 3-1 Arsenal win. As a fanatic Gooner I believe this competition is one of our best chances of silverware this season and a good chance for the younger players to stake their claims!"
The referee tonight is Kevin Friend (Leicestershire).
Arsenal: Martinez, Jenkinson, Koscielny, Djourou, Miquel, Arshavin, Frimpong, Coquelin, Walcott, Chamakh, Gnabry. Subs: Shea, Giroud, Squillaci, Bellerin, Eisfeld, Meade, Yennaris.
Reading: Federici, Gunter, Gorkss, Morrison, Shorey, Tabb, McCleary, Leigertwood, Robson-Kanu, Roberts, Hunt. Subs: Stuart Taylor, Pearce, Pogrebnyak, Le Fondre, McAnuff, Church, Harte.
Here are the teams then.
Good evening everybody and welcome to Madejski Stadium for live coverage of the Capital One Cup clash between Reading and Arsenal. Team news will be up shortly, if you'd like to drop me a line tonight you can e-mail firstname.lastname@example.org or tweet @JWoodfield365 and I'll publish the best messages.
Kick-off is at 1945 BST...