Chamberlain was earmarked as a player for the future rather than the present by the Emirates coaching staff.
But an impressive start to his Gunners career that has seen him score on both his full starts - and hit a hat-trick for England Under-21's against Iceland - has forced a rethink.
"I likened Chamberlain to Walcott at the same age, but a stronger body version," McMenemy told the Daily Mail.
"He has got the pace and the strength of body. When you get a young kid who is quick and is doing well, a manager will warn the defender and they will test the young player out early on.
"They will get tight and see if he can handle a tackle and sometimes a young frail kid will be put off by a tackle, especially away from home and in front of a big crowd.
"But he has passed that test and so he will be getting the respect of the opposition.
"Chamberlain is a genuine team player - that's his strength. For his age he is a more complete player than Walcott, more complete than you would expect.
"And mixing and training every day with top class players at Arsenal is an enormous help."