This summer, the Gunners are expected to turn to the transfer market in a bid to boost their chances of securing silverware and the club are reportedly preparing to bolster their attack.
Gabriel Jesus and Eddie Nketiah managed a combined total of just nine league goals last season and several top strikers are being linked as potential upgrades at the Emirates, including RB Leipzig’s Benjamin Sesko, Napoli’s Victor Osimhen and Sporting’s Viktor Gyokeres.
But Walcott believes his former club should look closer to home for added firepower up front, rather than taking a risk on a player with no previous experience in the English top flight.
According to the ex-Arsenal and England forward, Newcastle’s Isak or Aston Villa’s Watkins could be perfect additions to Arteta’s current options up front.
‘Arsenal did great, they competed throughout the whole season and learnt a lot from previous mistakes,’ Walcott told The Sun.
‘I think what Mikel Arteta has done and the atmosphere at Arsenal is incredible. What we are missing is a striker, and to have that balance on the bench.
‘I’d say that’s the one thing, maybe Mikel didn’t trust his bench as much.
‘I’m looking at someone like an Alexander Isak or an Ollie Watkins who’s been established in the Premier League.
‘We may look abroad but I’m a big believer in someone who is proven in the Premier League.’
Isak, in particular, has been heavily linked with Arsenal in recent weeks, with Newcastle having to consider selling big-name players to stay on the right side of the Premier League’s profit and sustainability rules.
Reports in April indicated that Arsenal were lining up a bid of £100million to prise the Sweden international away from St James’ Park and Tottenham have also been credited with an interest.
However, speaking to Swedish media last week, Isak insisted he was ‘very happy’ at Newcastle and ‘loved everything’ about the club.
‘I’m enjoying myself very, very much in Newcastle,’ the sought-after attacker told Fotbollskanalen.
‘I just had the best season of my career. That should not be underestimated. I love everything really about the club, the fans, the city.’
Isak added: ‘I actually have no thoughts of a move or anything like that.
‘I enjoy myself fantastically well and am very happy with my life.’