Walcott was stretchered off in the recent FA Cup victory over North London rivals Tottenham Hotspur, also gaining headlines for his cheeky 2-0 gesture to the Tottenham fans.
Wenger has already indicated he may be forced into the transfer market should Walcott face an extended stay on the sidelines with Bendtner also succumbing a similar injury layoff.
With so many absentee strikers, the need to back-up Frenchman Olivier Giroud is now a major priority, although Wenger has admitted it will be difficult to find a good long-term option rather than a short-term panic buy.
Wenger is quoted as saying on potential moves:
All the big players are at big clubs at the moment and they go for important targets.
Unless you have a club in a desperate financial situation it will be difficult or if we find someone like [Serge] Gnabry at that age when no one knows them.
Reports have linked Arsenal with a loan move for Alvaro Morata and a permanent deal for Diego Costa, but the likelihood of pulling these moves off looks relatively unlikely.
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Colombian Jackson Martinez remains another option after expressing his desire to play for the Gunners, however it is unclear how well he would adapt to the Premier League coming from Portugal. He however remains the most likely transfer at this stage.
If reports on Walcott are true, it is essential Wenger finds a suitable replacement up front. This is the first time in years Arsenal are challenging for the Premier League and no-one wants to see us slip down the table due to lack of squad depth. Hopefully le Professeur can pull of some transfer magic!