While the Gunners have yet to open their chequebook during the summer transfer window, Spurs have embarked on an elaborate spending spree.
It would appear as though the sale of Gareth Bale to Real Madrid will end up financing those moves, and the Welshman's departure will represent a significant blow.
Andre Villas-Boas is, however, looking to piece together a squad he hopes will be good enough to force its way into the Premier League's top four.
Arsenal have occupied such a standing throughout Arsene Wenger's reign as manager and, despite the lack of transfer activity at Emirates Stadium, there is a feeling within the squad that they remain one of English football's elite clubs.
Asked if Spurs can now claim to be superior to Arsenal ahead of Sunday's eagerly-anticipated derby date, Walcott said in the Evening Standard: "Not at all. I feel we're very, very strong.
"Everyone makes out our squad is very weak and there are not many of us but I think we showed in the last few games that we bounced back from a bad result in the first match [a 3-1 defeat against Aston Villa] and proved a lot of people wrong.
"Every club are different and they invested their money very well. For us players we just want to do a job on Sunday, we don't care if they have brought in £30m stars.
"They have some very good players and a very good manager but we need to make sure we focus on ourselves. The way we're playing at the moment we believe we can beat anyone.
"It's a massive game and I always enjoy them. The fans make it very special. It's very early in the season considering there is an England game coming up but us players love it and it's a fixture I always look at straight away.
"Tottenham are playing very good stuff at the moment but we are looking very sharp so for the neutral it's going to be a pretty impressive spectacle."