Mark Warburton's Rangers side, who play their home matches at Ibrox, will be the heavy underdogs when they meet Celtic in the Old-Firm derby.
The Glasgow sides are set to meet each other at the weekend in the semi-final of the Scottish Cup.
And Walker feels that all the pressure is on Celtic in the fixture, as Mark Warburton’s side go into the game as underdogs.
"If Celtic lose you look at Ronny Deila and you can throw up a number of losses that have been painful for the Celtic supporters,” Walker said.
“I'm thinking really of the Champions League so I think Celtic are under more pressure to deliver at the weekend and we'll need to wait and see if it is a pressure they can handle.”
Celtic can ill-afford to lose to their fiercest rivals, with the pressure continuing to rise on Ronny Deila.
The Norwegian manager has faced calls for him to be sacked this season, and defeat against Rangers may be the final nail in the coffin.
Deila’s current contract expires in the summer, and a defeat against the Lights Blues would make it even more unlikely that he will be offered a new deal.
Rangers may be the outsiders to win, but they go into the match full of confidence, having won the Scottish Championship and the Petrofac Challenge Cup in recent weeks.