Everton were beaten 4-0 by Tottenham Hotspur at Wembley yesterday, and their performance in the contest was abject.
Sam Allardyce’s side were weak at the back, and carried very little threat going forward.
Savage feels that Everton are at their best with pace on either flank, so they can attack opposition defences.
And, with Walcott strongly linked, Savage believes his arrival would help Everton massively.
“I think Everton need some pace in the side,” Savage said. “Big Sam has done well, but what are Everton? A seventh placed side, I think. Everton fans want a bit of excitement. Walcott offered pace.
"I watched Everton when they had Lookman and Bolasie with pace on each side, they looked a different team. Walcott would add that.”
Walcott has barely featured for Arsenal this term, and looks set to move on this month.
Everton have already strengthened their attacking ranks this month, with Cenk Tosun arriving from Besiktas to lead the line for Allardyce’s men.