Arsenal are in talks to extend his deal and the England international insists there is nothing to be alarmed about.
"It was always going to be (a case of) hold back until the end of the Euros," Walcott told Sky Sports News. "We continue to talk and we'll just see where it goes."
Asked if he had been unsettled by the rumours of a move, Walcott added: "Not at all because I didn't have a clue about any other clubs, anything.
"I'm an honest guy. I like to get on with my job. I've got to work on pre-season, I don't want any distractions.
"Like I say, my agent and the club will continue to talk and when there's something to know I'll get involved."