"I don't believe that even if you lose the title, you cannot link it with one player," the Frenchman told arsenal.com.
"I do think it is a problem that we have lost him, but that would not be an excuse to lose the championship because of that."
Walcott will have to make do with a watching brief as his team-mates look to kick-start their title challenge with a victory at Manchester City on Saturday. But Wenger expects the teenager to maintain a positive outlook throughout his spell on the sidelines.
"I haven't seen him [since the injury] because he came straight back to the surgeon and had surgery today. But he copes quite well [with injuries] and I'm amazed how he deals with it," said Wenger.
"This time it's a bit of a blow because he's just taking off. It's an important part of the season where he feels like he's playing every game, and he's playing for the national team and it's part of a career."