The 26-year-old England forward has a year remaining on his current deal.
When asked about whether Walcott had signed a new contract, Wenger said: “Not yet. Hopefully we can finalise it very soon.”
Meanwhile, Arsenal goalkeeper Wojciech Szczesny is set to join Italian side Roma and will have a medical on Monday in Rome.
Walcott, who joined from Southampton in 2006 at the age of just 16,scored the winner as Arsenal defeated Wolfsburg 1-0 to win the Emirates Cup on Sunday.
He signed a new three-and-a-half-year contract with Arsenal, worth £100,000 a week, in January 2013.
Walcott has made 302 league and cup appearances for the Gunners, scoring 76 goals.
He was hampered by a knee problem last season which limited him to 14 Premier League appearances.
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