The Gunners smashed their transfer record late on deadline day to sign Ozil from Real Madrid in a £42.5million deal.
Walcott is relishing the opportunity of playing alongside the Germany international and feels the talented playmaker will be an excellent addition to Arsene Wenger's side.
"It is very exciting," Walcott told Sky Sports News. "I played against him for the Under 21s when we lost 4-0 and he showed his qualities then and he has showed them throughout many years now for his club and country.
"He's been a great addition and I am personally looking forward to playing with him. I am really excited to play with him."
Walcott, who is away on international duty with England ahead of their World Cup qualifiers against Moldova and Ukraine, admitted the whole squad were watching the events of a dramatic transfer deadline day unfold on Monday.
"Everyone was glued to their TVs - it was quite exciting," added Walcott.
"It's something that isn't pleasant for players because it's a difficult time, but I am glad everyone was very happy with their moves and now can just focus on their clubs and get down to business."