The former Gunners and England midfielder is not a fan of the Southampton youth product, insisting that he is a "liability" defensively and not good enough technically
Robson, an England international in the 1980s, believes that the forward, a member of the Three Lions' squad for Euro 2012, is a liability and classes him more as an athlete than a footballer.
Walcott registered eight goals and 11 assists in 35 Premier League matches in 2011-12, but Robson is still not convinced by the former Southampton man.
He told talkSPORT: "It wouldn’t worry me if Theo Walcott were to leave tomorrow.
"Theo Walcott, for me, is not a good footballer. He is an athlete who puts on a pair of football boots.
"He is quick, he is fast, but when he was younger he should have been taught how to be better technically, how to find space, how to find awareness. He has never done that and he is a liability when he is defending.
"For Theo Walcott to want more money, I would let him go."