The north London club have not won a piece of silverware since 2005 and the 23-year-old is keen to right those wrongs, with the squad still in contention in two competitions
The north London side's last trophy came with FA Cup triumph in 2005 and the current squad have already been knocked out of the Capital One Cup by League Two outfit Bradford City and struggled to mount a serious title challenge in the Premier League this season.
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"It’s been a long time [since we won anything]; everyone knows that and as players we know it’s not good enough," the 23-year-old told reporters. "We need to be achieving what Arsenal did in previous history.
"I want to be part of that and I’m definitely ready for the battle. We’ve got a great chance in the FA Cup and, although we’ve got a very tough game against Bayern [Munich in the Champions League], I believe we can win that as well.
"The next step will come once we win that first medal. Hopefully once we do that we can win more and that’s my goal."
The saga surrounding Walcott’s new contract overshadowed much of the first half of the season before the two parties finally agreed terms in early January and the England international admits he feels much better now that his future is secured.
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"Things are going well. I’m working hard, staying after training and seeing what I can improve. I just enjoy working hard, scoring goals and trying to help make this team the team we should be. That was one of the main reasons for signing - there is huge potential in this team and I want to be part of it.
"At the start of the season I wasn’t playing at all and I reacted in the right way on the pitch. You want to make sure you’re in the starting line-up and the manager can’t leave you out. So hopefully I’ve proven that to him."