The Arsenal manager believes the forward has done exceptionally well to reach 300 games after starting so young.
The England forward is set to make his 300th appearance for the Gunners should he feature against Sunderland on Wednesday evening.
Walcott has been in north London since the age of 17, when he first signed for Wenger’s side from Southampton and was also a surprising inclusion in England’s 2006 World Cup squad.
Now, Wenger has praised him, saying the feat of reaching 300 games while he is still so relatively young is an amazing achievement for the player.
“Theo is in line to make his 300th Arsenal appearance, which is amazing because he played from a very young age,” he said.
“He came here at the age of 17 and has a special destiny. Theo went to the  World Cup without playing in the Premier League and then he missed the last World Cup because he was not available. It’s a strange fate. He has had an extraordinary career.”
Walcott is currently working his way back to fitness after a serious knee injury suffered last season, which has seen him miss the majority of the current campaign as well.
He has, however, featured as of late, coming on against Manchester United recently in a cameo appearance and playing a big role in Arsenal’s eventual late equaliser - as his shot was defelcted past Victor Valdes to secure a 1-1 draw.
And while Wenger is keen to highlight the abilities the forward possesses, he wants to temper any expectations on the player, saying patience will need to be shown as he fully recovers from his injuries.
“He has certainly got one of the best qualities in the world, which is the timing of his runs off the ball - they are top quality,” he added.
“He also has exceptional pace, which he links with a great intelligence. [However] People think you turn up and you play again like you did before, but it is not like that. It’s a question of patience and using him well at the right moment.”