Walcott took his tally to 14 for the season with a hat-trick in the 7-3 mauling of Newcastle at the Emirates Stadium on Saturday.
And Oxlade-Chamberlain is convinced the 23-year-old, who is out of contract in the summer, offers the team more in the striker's role.
"He definitely has all the attributes to play up front," said Oxlade-Chamberlain. "The goals are coming. He has proven he can do a really good job for us up there.
"For someone with his pace it's hard for anyone to defend against and when he gets the service he can always punish teams so he's doing really well.
"His performance was amazing. You could see after his first goal he had a spring in his step but he has been like that all season. He has been brilliant.
"Even with all the speculation that's going on, he's stuck to his work.
"He's a great professional, a good mate and a good lad around the dressing room. We need him to keep scoring goals for as long as he can."
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