The Gunners forward says that the belief in the side is the best he's ever seen during his time at the club.
The Gunners were hotly tipped to be serious contenders for the Premier League crown this term, having finished the last campaign in red hot form, during which they secured their second successive FA Cup triumph.
They are currently sitting second in the table following an impressive 3-0 win over Manchester United before the international break, but their inconsistent form has led some to question whether than can truly challenge for the title.
And Walcott admits that sometimes the 'work ethic' has been lacking in their performances.
"It could be our year this year but we need to focus on not looking too far ahead, that is important," he told Sky Sports.
"The sense in the dressing room at this moment in time, the players that are in there believe we need to be doing better, we've got the talent it is just, at times, the work ethic may not be there.”
The forward also says that this season represents the best opportunity for them to win the title in a long time.
The start to the 2015/16 campaign has thrown things wide open, with reigning champions Chelsea making a meal of their defence as they 16th, while Manchester City, despite having started strongly, have shown cracks at times.
And Walcott says that the Gunners' belief that they can compete for major honours is as high as he has seen at the club.
"The Premier League is so open this year. You can see how tight it is, every team is competing and every can beat each other.
"[Belief] is definitely showing in patches but, more so in the Premier League, it is becoming a regular occurrence. We just need to continue that belief. At times, that belief has not been there and, sensing it now, it is probably the strongest it has ever been since I have been at the club and that is good sign."