However, Walcott's agent Warwick Horton has told the Daily Express newspaper: "I am in regular touch with Arsenal and there has never once been a suggestion of Theo going out on loan.
"He has learnt an awful lot since joining the club and was delighted Thierry Henry signed a new contract because he loves working with him in training.
"He is looking forward to starting the new season at the new Emirates Stadium and there is no reason why that won't happen."