Bangladesh Time: The third-placed Gunners have been in great form in the Premier League since January, although their charge stalled on Sunday when they were held 0-0 at home to leaders Chelsea.
That result left them 10 points behind and all-but ended any lingering hopes they had of reeling in the Blues but Walcott believes the strength in depth in the squad means a title challenge next season will be on the cards.
Walcott last started back in March and his fellow-England internationals Danny Welbeck, Jack Wilshere and Kieran Gibbs also failed to make the starting XI for the Chelsea game.
Quoted on Arsenal’s website, Walcott said: “There is a lot of competition for places, so everyone seems to lift a gear and play extremely well. It makes it a bit more difficult for people to get into the team.
"I think, especially this season, not many people thought we would be challenging for the Premier League.
"In this calendar year, we have been the best team in Europe. It is the strongest the squad has been and everyone is staying fit as well.
"There aren't many injuries in the squad, which is important. If we had an injury-free season, I think we could lift the title."
Walcott, who joined Arsenal back in January 2006, added: "I’ve grown from being a little babyface to a man.
“From when I joined the club to now, it’s completely changed. The likes of Freddie Ljungberg, Robert Pires, Thierry Henry, Sol Campbell and so on were there and had won the league before, going undefeated. Coming into that squad was a big achievement.”
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