The Chilean has taken his new role as the focal point of attack with much aplomb, bagging 22 goals and 18 assists in 40 matches across all competitions - a direct contribution in every game on average.
Mesut Ozil has complained that Arsenal's squad is not "broad" enough to compete with the likes of Real Madrid and Bayern Munich in the Champions League.
That, though, is something Wenger is more than confident Walcott can do, particularly when he considers the disappointments the 28-year-old has bounced back from so far in his career.
Wenger made it clear to Arsenal officials in January that he meant to continue as the club's manager and a new two-year contract offer was duly presented to him. The future of the pair holds key for Arsenal Football Club in their plans for the future.
"I feel very, very happy at Arsenal and have let the club know I would be willing to extend". It is important to know if he stays or if he goes.
Ozil believes Arsenal are still capable of winning the Premier League - a title they last won in 2004 - as well as the Champions League under Wenger, but said the squad must be strengthened.
Arsenal 'To Trust Arsene Wenger With £200m Transfer Kitty In summer'
Hopefully we haven't been dragged straight back into it, but judging on that performance tonight, it looks like we have. Ian Wright tweeted after the game that the dressing room was "lost" and that is certainly how it looked.
However, with Arsenal again failing to push for the Premier League title and going out of the Champions League at the last-16 stage, some reports have suggested that Sanchez could be looking to leave Emirates Stadium. "The team have the aim to reach the Champions League and I'll fight for that".
Wenger says that he has made his mind up over whether or not he will extend his contract, which expires this summer, but has refused to say if he will stay at the club.
'That is basically 11 years later and he has gone through very early high up and he is still there. I have a connection with the club.
"As a footballer, everything you've achieved can easily be lost and then you are nobody", Sanchez told the Arsenal website. "In the summer there is enough time to talk about other things", he added.
Arsenal face another London derby as they travel south to face Crystal Palace on Monday night, with the relegation-threatened Eagles enjoying an upturn in results recently under Sam Allardyce.
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