Walcott has yet to agree a new deal, but Wenger remains confident a compromise can be reached to keep the England forward with the Premier League club past the end of the season.
With figures of around £100,000 a week being touted as the going rate to secure the 23-year-old's signature, Arsenal are likely to have to push the boundaries of their wage structure to seal the deal.
Wenger is prepared to loosen the purse strings to a certain extent to make sure another key player does not leave, but only as long as the financial commitment does not put an excess strain on the well-managed club's coffers.
He said: "We get something that makes sense and that is defendable in front of every single player.
"We make exceptions as well sometimes, but the exceptions are maybe not as high (as elsewhere). If we want to keep making profit, we have to accept that.
"As long as our business is organised in a way where we do not need any help from anybody, and pay our people with our resources, it's defendable economically.
"You can always say 'is it enough? Is it too much or not enough?', that becomes a more philosophical question.
"But as long as the economical balance is respected and you pay the people who work for the club with the resources you created, it makes economical sense. That's why I always defend our model.
"We pay very well. I did fight all my life to pay people who work people for us well. I believe if you can afford to do it, you do it."
Despite his acceptance of the need for some silverware to be brought to Emirates Stadium sooner rather than later, Wenger accepts securing regular Champions League football remains a pre-requisite for the continued development of the club.
"For people, the Champions League is very important today. It makes a massive difference for everybody inside the club," he said.
"To recruit [and] to keep the players, you need to be in the Champions League first.
"I agree, people always still dispute that with me and I agree it's not enough, but it is the basic requirement."
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