The French boss has stated that the England international could yet be used centrally for the Gunners.
The former Southampton star has struggled to get regular football this season at the Emirates Stadium, with the flying attacker only starting three Premier League games in 2014-15.
Walcott has expressed his desire to play as a striker in the past, but the lone forward role in the Arsenal set-up has been dominated by Olivier Giroud this season.
Arsene Wenger has given the contract rebel some hope that he could end up in a central role yet, with the French boss claiming that Walcott possesses the attributes to be Arsenal’s main striker.
"It's not too late for him to become a striker," Wenger is quoted as saying by ESPN.
“I think his position will be striker. I work with him in both situations, as a striker and as a wide player, but the quality of the runs is so fantastic with the pace he has.
"He is a good finisher now. When he was younger he was rushing his finishing, but he is a good finisher now. I bought him at Southampton when he was 17 because I believe in his qualities as a good finisher and now the timing of his runs are very intelligent.
"He's at the best age, being born in 1989. Being 26 to 32 as a striker is the best age as a striker and I wouldn't like to miss that golden age.
"He is naturally gifted to play in this forward position, but he has different qualities. Olivier Giroud has a physical presence, back to goal, can head the ball. Theo is more a guy who is a runner, who goes behind.”
Just whether Wenger is insinuating a future for Walcott as a striker or is telling the star what he wants to hear remains to be seen, as the England star has had to make do with a fringe role this term.
Arsenal face Swansea on Monday night, with the North London club seeking out three invaluable points in their quest to finish second in the Premier League this season.