Tottenham winger Townsend burst onto the international scene with a man-of-the-match display in England's 4-1 qualifying home win over Montenegro last month.
The 22-year-old also started the 2-0 win over Poland that saw England seal their spot in next summer's finals in Brazil, and he came off the bench in the second half to win his third senior cap in the 2-0 Wembley defeat by Chile on Friday night.
Those displays have seen him steal a march on Arsenal's Walcott, who is two years older than Townsend and has won 36 caps to date. Walcott has been sidelined since mid-September due to a stomach injury, although he is due to return soon.
Townsend, however, says there is plenty of competition for the midfield wideman roles.
"It is not just a straight shootout (with Walcott) - there are five, six or seven players all fighting for the spots," said Townsend.
"It is down to not only international form, but also club form from now until the end of the season as to who will take them."
Townsend watched the last World Cup while on holiday in Cyprus and admits it is somewhat surreal to now be contemplating taking part on such a stage himself.
"I was nowhere near it (England) at that stage, and I did not think it would happen this soon," he said.
"Hopefully now I can keep playing well and secure my place on that plane."
Townsend added: "For every young kid, it is a dream to play for your country and at the World Cup.
"Now I have got my foot through the door with my first two caps, I can kind of taste it, and I am not going to let that opportunity slip, to think back in 10 or 15 years what could have been.
"I just want to make the most of my opportunity and whenever I am given the chance, I just have to take it."