The 27-year-old has fluctuated between positions since joining the Premier League giants around a decade ago.
The England international has played in both roles since moving to the Emirates just over a decade ago, but in the last couple of seasons, it appeared that he was being given more opportunities to play in a central role.
However, he failed to stamp his authority on the position, scoring just five times in the Premier League for the third consecutive year last term.
And perhaps fearing that he may never deliver on the enormous potential he once showed, the 27-year-old has made it clear that he wants to begin holding down one role in the team, though he insisted that he will not close the door on being used up front.
"I know where I want to play. The manager has said I can play up front. It depends on what game it is. I know I can do a job up front as well as on the right," he told the Mirror.
"I want to make my position on the right; that's where I am now."
With Walcott seemingly ruling himself out of ever being the Gunners' main goalscoring hope, Arsenal fans will surely be hoping that this move convinces Wenger to go out and buy a marquee striker.
Though Olivier Giroud can be one of the Premier League's best on his day, his lack of pace can occasionally lead to him being almost non-existent in some games.
And while Walcott would have previously been the quicker option for Wenger to turn to, his insistence that he is best suited to being a winger may convince the Frenchman to make the move that supporters have been craving for several years.