And as such, the papers are full of daily chatter about where he might end up - today's rags seem convinced he is set for Liverpool.
The Walcott saga is not the normal tale of a player grabbing the money and silverware - with Theo it is all about position - because has a dream to play up front.
Walcott can beat defenders and he can finish, but according to his manager ... that does not make him Thierry Henry.
His skill set is perfectly suited to playing on the right side of a three-pronged attack, but he has a desire to play through the middle ... just like his hero ... the former Toon striker.
Andy Carroll and Jose Enrique left Newcastle for Liverpool because they had ambition is to win trophies - and the papers believe the Arsenal player is bound for Merseyside.
Not that Liverpool are a better prospect at tropies than the Gunners.
The fact Walcott wants to be a striker - what could the Reds offer that the Gunners cannot?
The problem is - if he really does want a number nine shirt, he probably won't be doing it at a top club.
He has been consistently linked with Manchester United as a Nani replacement.
If you ignore the facts that Walcott cannot match Nani for skill or delivery, and is every bit as inconsistent, it does sound halfway plausible.
But there's no doubt Walcott would be there as a winger.
First of all, nobody tells Fergie what position they want to play. Secondly, Walcott would have to elbow his way in front of Messrs Van Persie, Rooney, Welbeck and Hernandez to earn regular football up front. Which he won't.
So let's say there is some substance to today's talk of a move to Liverpool, who are in desperate need of a striker?
But unless Luis Suarez picks up another lengthy ban for saying something perfectly acceptable in his region of Uruguay, young Theo won't be leading the line on a regular basis.
Nor will he be playing in the Champions League, either this season or next.
Walcott has never reached double figures in a league campaign.
However, there is one option. One top club that would be willing to facilitate his conversion from a streaky wide man to a genuine centre forward.
A club whose manager yesterday said this:
"I have always said it is important that he plays in the right position, and that certainly would be through the middle in the future. He showed that again on Tuesday night. The positions on the flanks are changing; you need to do a lot of defending. He should be dedicated more to offensive work. He has good pace, makes excellent, intelligent runs, and what has changed with Theo is he's become a very good finisher."
That manager of course, is Arsene Wenger.
For all Walcott's posturing and contract-based brinksmanship, there is only one leading manager willing to accommodate his positional demands.
Theo Walcott's next club is Arsenal, and he would be mad to think otherwise.