Eriksen has been one of Spurs' star performers this campaign and his displays have not gone unnoticed by Walcott.
Indeed, the Arsenal forward feels that his side will have to keep a close eye on the Dane in the North London derby this weekend otherwise they could be punished.
"They have Eriksen, who has been one of the most underrated players in the Premier League this season," Walcott said to the London Evening Standard. "He has stood out."
Eriksen has taken his fair share of plaudits this campaign, but clearly Walcott feels he is deserving of even more.
The 22-year-old is the Premier League's top scoring midfielder and he looks a supreme talent who Spurs can build their team around for years to come.
Eriksen has the mark of a classy operator - always appearing in space when he is in possession - and his form will be vital to any success Tottenham will have against their rivals this weekend.
If Eriksen can be at his very best, Spurs will feel they have a strong chance of beating the Gunners and that would be a major boost to their chances of claiming a top-four space.