The winger has been linked with a summer departure since his return from Euro2012 with England but insists that he and the club are looking to come to an agreement regarding a new deal with plans of a move non-existent.
"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.
"Not at all (am I looking to move) 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."