The 63-year-old is keen to tie the winger's future down to the north London club amid reported interest from around Europe, while urging focus on the test of Schalke
The England international is in the final year of his current deal with the player himself admitting that playing issues are behind his hesitation to recommit, not money.
And, with Wenger revealing that he is open to moving Walcott into a preferred central position, the Frenchman's aim is to tie the winger's future to the north London club.
"My determination has always been the same - to extend his contract," the Gunners boss told reporters of his unsettled star.
|14/1||Arsenal are 14/1 with Bet365 to beat Schalke 3-1 on Wednesday
"Theo had his first run today, he looked quite good and should be back shortly."
The 23-year-old suffered a chest injury in England's 5-0 win over San Marino and missed the Arsenal's 1-0 defeat to Norwich City on Saturday.
Wenger is now urging focus on Wednesday's game against Schalke in the Champions League and wants to see his men bounce back from their Carrow Road catastrophe.
"We have got over it and we will focus on the next one," he added. "I expect a strong response. The players were very disappointed after we lost to Norwich.
"Santi [Cazorla] was a bit flat on Saturday but Norwich defended consistently."
Wenger is, however, happy with the attitude that his German players have brought to the squad, enthusing: "They are ready to work hard and have a very strong team attitude. I welcome that."