Walcott is likely to be on the bench again at Manchester City tomorrow.
Wenger said: "The fact he doesn't play regularly at the moment is right, but it's not necessarily linked with his contract situation. No player is happy when he doesn't play.
"At the moment, [Laurent] Koscielny doesn't play. He has just extended his contract and still doesn't play because the defence is doing well.
"That's only temporary because by the end of the season they will all play."