The England international remains the Gunners' top scorer this season, having found the target 18 times in all competitions.
He has, however, gone two months without a goal and is currently nursing a groin complaint.
A dip in form has arrived on the back of Walcott penning a new contract in January, with it suggested in some quarters that he has become complacent after landing a lucrative deal.
Wenger refuses to believe that is the case and is looking for the 24-year-old to help fire Arsenal to a top-four finish in the Premier League.
He said: "I don't believe that. If he didn't play well and had not signed a contract, then people would say the opposite.
"I don't think that is linked, especially with the fact that he has signed a contract or not. Because you can say as well he is more secure, he can express himself.
"At Bayern he didn't have the greatest game, but he still brought the goal. He will come back."