Neither player has been included in the annual release, leading to speculation that the pair could be heading closer to the exit door with doubts over their long-term futures
The omission of the duo - which features a different first-team player for each month - could be seen as a sign that neither of their futures lie at the Emirates.
Walcott’s contract is currently set to expire next summer, with the England international being linked with a move to Premier League rivals Manchester City and Liverpool, and is able to speak to foreign clubs over a free transfer for the end of the season in January.
The 23-year-old has been in superb form for his side this season - grabbing nine goals and four assists from his 15 appearances in all competitions.
Right-back Sagna’s future is also in doubt, with the France international thought to be interesting Inter, while deputy Carl Jenkinson impressed boss Arsene Wenger at the start of the season.
Sagna suffering a broken leg at the end of last term, and has since made six appearances for the club after returning to match fitness.