The Gunners blew a 4-0 first-half lead to draw 4-4 at St James' Park.
"I definitely think this is our best chance of winning some silverware," he said. "We haven't won trophies for a long time. This is the year we need to.
"So many of the other England players have medals. It would be nice to be part of that.
"When I look at the finals and see them lifting up the trophies, I want to be there as well."
So much so that, when pushed, Walcott openly admits he doesn't really care what shape the trophy he collects is. He just wants one.
"The league would be massive," he said. "It's the hard work over the whole season. You have so many games and have to go through so many ups and downs. That would be the biggest one to win. I want that one.
"But really, anything will do. Just to win something and break down that disappointing five years without anything.
"That is why the Carling Cup is a great fixture for us."