He believes Mikel Arteta’s squad is on a valuable developmental journey, with trophies being a bonus.
As Arsenal prepare to face Newcastle in the Carabao Cup semi-final, they have to overcome a two goal deficit from the first leg.
“It’s achievable for Arsenal but I always get the sense we look at the negative side,” Walcott told the Mirror.
“It’s not just about trophies. Yes, it’s great to win trophies but not many players win anything. Making it to this level is a win for me, it doesn’t have to be rewarded with trophies.
“Winning is great, of course it is, but you have to have a lot of thick skin and people should recognise it’s already an achievement to be there. People forget how difficult it is, how the league is developing and how it is harder to win things. Patience is the key. With it the trophies will come.”