talkSPORT understands the winger, whose current contract expires next summer, would like to resume talks but sees no point while he is unsure of a first-team place.
While he has started the last five games, the 23-year-old was often overlooked at the start of the campaign and wants the full trust of Wenger before committing his future to the club.
Walcott’s representatives have not had face to face meetings with Arsenal since the end of August, when an initial contract offer in the region of £80,000 per week was rejected.
Both parties then came to an agreement that the winger would not be sold during the summer transfer window.
Gunners boss Arsene Wenger has set a Christmas deadline to tie the England man down to a new deal but that date is now looming and Walcott could agree a pre-contract with a foreign club from New Year’s Day.
Despite injuries and non-selection, Walcott is Arsenal’s top scorer with 10 goals so far this season.
The England international has publicly stated that he wants to stay in London but wants more game time, and also wants the chance to play as a central striker in domestic cup games.
Manchester City, Chelsea and Liverpool all made firm offers for the former Southampton man during the summer transfer window and are likely to rekindle their interest should Walcott fail to agree fresh terms.