Arsene Wenger's club have failed to win a piece of silverware since the 2005 FA Cup and last season finished a disappointing fourth in the Barclays Premier League.
Wenger has plans to spend in the summer in order to improve his squad, although he always maintains that he will not pay over the odds if the right player is not available.
But the Frenchman must also convince the likes of reported Manchester United target Samir Nasri and captain Cesc Fabregas that the future is bright at Arsenal.
"We need to win something next season. It has been so long.
"The fans have waited so long and as players we don't like seeing every year go without winning anything, especially a big club like Arsenal."
Fabregas has long been linked with a return to boyhood club Barcelona, while Real Madrid are also thought to want the Spanish midfielder.
But Nasri's future has emerged as a seemingly more immediate concern for Wenger after the France international refused to rule out a move to Barclays Premier League champions United.
Walcott hopes his club-mate does not leave and recognises that Nasri is integral to Arsenal.
The England international said: "He is a very important player for Arsenal and we will just see in the summer what happens."
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