Walcott penned a new three-and-a-half-year deal reportedly worth
£100,000 a week in January 2013 but that commitment will have less than
18 months to run at the turn of the year.
The pacy winger has
started only two matches in 2014 after injuring a cruciate ligament in
January but returned against Burnley on Saturday, coming off the bench
in the Gunners' 3-0 victory.
"We are starting to sit down with him," Wenger said.
"I think he has one and a half years to go on his contract in December and it is never an easy job with him, you know."
Since
joining Arsenal as a teenager from Southampton in 2006, Walcott has
scored 45 goals in 195 league appearances and the 25-year-old has
established himself as a key man for both club and country.