The 25-year-old has only just returned from a long-term knee injury but the Gunners boss is already keen to tie him down to a new contract at the Emirates Stadium.
Walcott's current deal expires at the end of next season and Arsenal will be keen to avoid the heavy speculation that surrounded the extension of the winger's last contract.
And Wenger believes the 'unique' Arsenal star's best years are ahead of him.
"We are starting [talks with him], we are starting to sit down with him," Wenger told reporters at a press conference.
"He has one and a half years to go in December. It is never an easy job with him. It should be his best years from now because he is 25, so hopefully we can profit from that.
"He is a unique player. A player who has been here a long time and who gives us something different. He has been tremendous for the last few seasons. To have him back can only be a bonus for me."