The 20-year-old today committed his long-term future to the Gunners by agreeing a new contract extension, the details of which have not been revealed by the club.

Walcott joined Arsenal from Southampton in January 2006 and has since gone on to become a regular for both club and country, netting a famous hat-trick for England in the World Cup qualifier against Croatia earlier this season.

Despite the disappointment of another campaign which promised so much but failed to deliver silverware following the midweek Champions League defeat by Manchester United, Walcott told Arsenal TV online that there is genuine hope for the future.

Key to Arsenal's success will be retaining the services of men like Walcott, captain Cesc Fabregas and Holland international Robin van Persie, whose talks over a new deal continue.

Walcott is in no doubt as to what this group of players can achieve under Arsene Wenger, whom he describes as "the best manager in the world".

"The likes of Robin and everyone else, hopefully if they get sorted out, it shows the belief I have got in this team because this team can go very far," said Walcott.

"Every time I have a warm-down I look around the team and see there are some really good players here and I want to be part of it.

"Hopefully we can be right up there with Manchester United, Chelsea and Liverpool and have a great challenge for it next year."

Walcott called for the squad to put the disappointment of Tuesday night behind them and focus on a strong finish to the end of the league campaign, which will see them face United again at Old Trafford on May 16.

"It is in the past now so we need to forget about that game and look forward to the future," said Walcott, who spent four months on the sidelines after suffering a shoulder injury while on international duty which required surgery during November.

"We have got loads of big games coming up," he said. "Hopefully we can get that third position, we have still got to believe in that.

"But I am definitely ready for next season, next season is going to be a big year for me and the club and I am ready for it."

Walcott thanked the efforts of all the backroom staff at Arsenal.

"The team, the boss and everyone on the staff, everyone has got behind me which is brilliant," he said.

"It is a shame I have had some injuries this year, but hopefully I just want to have unbelievable seasons to come.

"I am going to put my head down, there is still loads of hard work to do.

"I have got to keep on working hard, try and get in that starting line-up every game and score goals which I will be judged on at the end.

"The main thing is to win trophies and I think this club can definitely win them."

Walcott added: "It is fantastic to work with the best manager in the world, and the stadium is just an unbelievable place to play at.

"I just want to continue playing my football at this club."

Wenger believes Walcott is integral to the club's future.

"Theo is an intelligent player with amazing ability and speed, and has developed extremely well this season," said the Gunners boss.

"At still only 20 years of age, Theo has huge potential for the forthcoming years and we are all looking forward to see him grow even more in an Arsenal shirt."