The forward has been linked with an exit from the club this summer.
Manager Arsene Wenger has handed the forward a central striker role this season having spent the majority of his career on the right wing.
He has failed to wholly impress in the role though, with just four goals in the Premier League so far in this campaign.
Many believe the club should cut ties with him but Wenger believes he will be better in the next five years than he has been in the last decade.
“You need players through the generations and I’m very pleased with him,” the Express reports him saying.
"He’s been here for 10 years, that shows as well that he loves Arsenal and I’m convinced he will give us much more in the next five years than the last five.”
"Because he is a player who is always moving forward and trying to do better. He has a very positive attitude."
The problem for Walcott is that he is now under pressure from several other players for a place on the right wing.
Joel Campbell has shined when given the chance to impress this season, while youngster Alex Iwobi has also impressed after breaking into the first team set up.
With Alex Oxlade-Chamberlain also a contender, there is plenty of competition in the squad and leaving the club could actually be the best idea for his career and his chances of first team football.