The England international has failed to regain his place in the Arsenal team after a knee injury.
Arsenal were comfortable winners against Liverpool yesterday, winning 4-1 at The Emirates. Goals from Hector Bellerin, Mesut Ozil, Alexis Sanchez and Olivier Giroud saw The Gunners power to victory against a Liverpool side who scored through a Jordan Henderson penalty and saw Emre Can sent off late on.
But while it was all smiles for most of the Arsenal team, one man was clearly not happy with his involvement in proceedings - or indeed his lack of involvement.
Theo Walcott sat on the bench throughout the game, accompanied by substitute goalie Matt Macey, in the squad because of an injury to Wojciech Szczesny and Emiliano Martinez's Rotherham loan deal.
He cut a rather frustrated figure throughout the game, especially when Danny Welbeck entered the field instead of him. With the game gone and Welbeck only just recovered from a knee niggle, Walcott would have hoped to make an entrance.
But he again watched on, this time against a team he has been linked with this week. The Daily Mail reported that Walcott would be Anfield bound, if Arsenal became serious about their interest in Raheem Sterling.
Walcott has only just recovered from a serious knee injury himself. But since making his secondary return from the problem in January he has played just 12 times for Arsenal - mostly as a substitute.
He will likely be hoping for this season to end, so he can take a good pre-season to finally shake off doubts over his injury.
If that is not the case then the exit door might just be the next best option.