The North London outfit had a shaky start to the season, mainly down to losing senior players such as Cesc Fabregas, Samir Nasri and Gael Clichy over the summer.
With Arsene Wenger’s men improving of late, the England winger would be happy to extend his stay with the club.
“I will listen to what Arsenal have to say. Hopefully we will sit down with the club soon and talk things over,” he told Sky Sports.
Arsenal continued their revival with a 3-1 win over Stoke on Sunday, and Walcott believes the players have put their bad start behind them.
“The team morale at Arsenal is great – the best it’s ever been.
“To be honest, we have forgotten about the first few games. There is no point in dwelling on it.
“All we can do now is look at what is coming up. And it is looking very positive at the moment. Everyone needs to be alive at what is going on during the game,” he continued.
If Walcott was to sign a new deal he would follow in the footsteps of Thomas Vermaelen, who recently penned an extension.
By Gareth McKnight