The north Londoners currently sit second in the Premier League, two points behind leaders Manchester City, and after a rocky start to the season have shown excellent domestic form of late.
The Gunners toppled surprise-package Leicester City 5-2 at the King Power Stadium last month, before breezing past Manchester United at the Emirates two weeks ago, in a 3-0 demolition of the Red Devils.
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Consistency has often proven difficult to come by for Arsenal in the opening stages of Premier League seasons gone by, emphasised by their shock opening day defeat to West Ham this campaign and a poor showing at Stamford Bridge against Chelsea.
Walcott, though, believes that whilst those around the Gunners struggle to find their feet, Arsenal must capitalise and focus on churning out strong performances week in, week out.
The Englishman said: "It could be our year this year but we need to focus on not looking too far ahead, that is important."
"The sense in the dressing room at this moment in time, the players that are in there believe we need to be doing better, we've got the talent it is just, at times, the work ethic may not be there.
"You can sense from the Manchester United game that if we continue to play like that we can beat anyone, we really can."
A superb brace from Alexis Sanchez and Mesut Ozil's tidy finish sealed all three points for the Gunners against Louis van Gaal's side, with Walcott excellent throughout.
It's these kinds of performances expected of Arsenal, especially given the undoubted talent they possess.
"The Premier League is so open this year. You can see how tight it is, every team is competing and every can beat each other," he continued.
"It is one of these leagues where you can't say who is going to make the top four, where you could in previous seasons. It is that intense and that close this year - teams are getting better and stronger."
And should Arsenal discover consistency, you can hardly argue against their title prospects.
Defensively, Arsene Wenger's side have looked solid lately - bar a dour performance against Olympiacos in the Champions League - and when going forward, on top form, they're breathtaking.
Walcott and Sanchez provide frightening pace and vigour, whilst Ozil and Santi Cazorla glide across the pitch seamlessly, picking out passes that few others could make.
This, combined with the defensive stability in midfield that Francis Coquelin provides, means for a genuine title bid on the horizon for the Gunners - just consistency remains the only thing stopping them from ending their 11-year wait for a Premier League title.
Arsenal fans - can the Gunners win the Premier League this season? Let us know your thoughts in the comments below!