The Arsenal forward has been linked with a move after the sale of Pedro and injury to Rafinha.
The winger has been linked with a move to the Nou Camp by Spanish media outlet AS in recent times, after the La Liga champions sold Pedro to Chelsea in the summer.
They have also lost youngster Rafinha to a long-term injury at the beginning of the season, meaning that they are short on numbers in that particular area of the squad.
Hunter admits that Walcott would be a sensible option, but cannot envisage Arsenal sanctioning a sale or Barca paying the going rate for a player who only committed to a new contract in July - as covered by The Guardian.
"There's a degree of guesswork going on there at the moment because Rafinha is injured and Pedro has been sold,” he told Sky Sports.
“The biggest test facing the treble holders is they have a rather small squad. Walcott fits all the criteria apart from the most important one, availability and price.”
A move unlikely because of Financial Fair Play
Hunter went on to add that a move in January is unlikely because of Barcelona’s need to take into account Financial Fair Play regulations.
The Catalan giants have already been sanctioned for their transfer dealings, finding themselves banned from registering new players until January 2016, and are understandably keen to ensure that similar punishments are not handed down in the future.
And Hunters says that although a move for Walcott makes sense in terms of the attributes he would bring to the squad, it doesn’t fit in terms of Barca's plans for the January transfer market.
"It's key to understand that Barcelona have a really high wage bill - they need to think about that element of financial fair play,” he added.
“At the moment, it [the Walcott deal] fits in terms of his skill and pace, but does it fit in terms of what Barcelona are going to do in the new market at Christmas? I don't think so."