By FOX SPORTS Staff
The Gunners' recent exit from the Champions League at the hands of Bayern Munich ended the last realistic chance they had of winning silverware this season.
Arsene Wenger's men have failed to win a major trophy since their FA Cup triumph in 2005, and numerous fans have voiced their frustration at the club's seeming inability to compete with the likes Manchester United and Manchester City.
And Walcott admitted Arsenal's lack of trophies in recent years was a damning indication of the Gunners' underachievement, but he remained confident that the club would return to their glory days in the near future.
"We should be competing for the Premier League every year, without a doubt," Walcott was quoted as saying by the official Arsenal website.
"That's the first priority. The FA Cup too - we should be going very far every single year. Capital One Cup, Champions League - every competition we should be competing, as long as we believe that we can.
"You see it when we go a goal down, everyone thinks, 'Right we need to step up here because it's not good enough'.
"But if we do that from the start we can beat absolutely anyone.
"I think we will get to a stage when we win games even when we haven't dominated.
"We're starting to get there, and as soon as we hit that target I'm sure we're going to be flying."
Despite intense speculation surrounding Walcott's future at the club during the January transfer window, the England international pledged his commitment to Arsenal by signing a new contract, and the 24-year-old revealed he could not wait to play a part in the club's future successes.
"Once the team wins the first trophy I think you'll start to see us coming back to where we should be," Walcott declared.
"It's important for me to be a part of that, considering the amount of time I've been here.
"But I think the fans are starting to see a massive change. I'm still young, but I have so much experience and I absolutely love entertaining all the fans - that's important to me.
"When a team is playing well it makes your job easier and when you're winning games it's fantastic to be a part of it. It's when things aren't going too well that you need to stand out and get your team back involved.
"Lukas [Podolski], for example, against West Ham - he just came up with the goods when we absolutely needed it.
"We have got players in the dressing room who can create something out of nothing, and I want to be part of that backbone."
Although Walcott is currently enjoying his most prolific season at the club, the speedy forward claims he can improve even further, but nonetheless expressed satisfaction at having made vast improvements in his overall play.
"I'm getting in more goalscoring situations, and I seem to be taking more of them too," Walcott added.
"So the goalscoring side has been even better. The last two years have been good for a winger in terms of goals, but this year has definitely stood out.
"I've just enjoyed scoring, creating chances for players and I'm staying fit, which is important as well.
"I wanted 20 goals in all competitions, so I may have to set another target!
"But I also wanted between 15 and 20 Premier League goals, and I'm on 11 at the moment.
"Assists are a bonus, but for a wide man, the number of goals I've got so far is definitely better than I would've thought."
Walcott will likely feature for the Gunners when they take on Reading in their next Premier League game.