Reports suggest the English winger is running out of time at the club. Walcott is in the final year of his current deal and is starting to trouble Arsene Wenger with his lack of commitment.
The Frenchman made some interesting comments in a recent interview with ESPN:
I still hope to sign him and the next two months will be vital because after that, the longer this situation lasts, then the more difficult it is.
Let's hope we can find a solution in the next two months.
Walcott has only started one game in the Premier League this season. His most impressive performance came in the 6-1 demolition of Southampton where he grabbed a goal from the bench.
Arsenal's decision to sell Robin van Persie could also play a key role in Walcott's future. The Dutchman's presence in the Gunners' side helped Walcott to eight goals and eight assists last season.
When van Persie decided his Emirates career was over, reports suggested Walcott would quit over the decision to let him leave (via The Sun).
If Walcott doesn't sign quickly, I believe Arsenal fans will grow impatient. With Lukas Podolski, Santi Cazorla and the emergence of Alex Oxlade-Chamberlain, the Gunners have plenty of other options. Each of these players can perform a number of attacking roles and have yet to suffer the same inconsistency as Walcott.
Although the former Southampton player's form has improved over the past year, he is not in the position to be messing with Arsene Wenger.
Arsenal fans have supported Walcott during bad performances and injuries. The Emirates crowd deserves some loyalty after seeing a host of marquee names leave in past years.
Walcott must make up his mind. The Gunners remain unbeaten in all competitions this season and won't take kindly to any distractions.