The North London rivals both look set to be part of the Italian's 23-man squad for this summer's global showpiece, and both believe they can make an impact.
Arsenal forward Walcott and Tottenham winger Lennon were both surprise late additions to Sven Goran Eriksson's squad for the last World Cup in Germany four years ago, despite both being uncapped and aged just 17 and 19 respectively.
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But while Lennon made cameo appearances against Trinidad & Tobago, Ecuador and Portugal, Walcott was forced to watch on from the bench.
Since then, the Gunners' starlet has gone on to make more of an impact for both his club and at international level, playing in over 130 matches for the Emirates Stadium side, earning nine senior England caps and scoring a famous hat-trick in England's 4-1 World Cup qualifying victory against Croatia in September 2008.
The 21-year-old will be keen to prove his worth on the biggest stage this time round, but is aware that he may have to do that from the substitutes' bench.
"You've got to be aware that you've got to make the difference if you can, even if it's for five minutes. If you get the chance you've got to be able to take it," Walcott said in the June issue of FourFourTwo - out today.
"If I'm on the bench I'll watch the full-back and try to work on his negatives when I come on."
Walcott has been earmarked by some pundits as a potential successor to David Beckham on England's right flank, and it seems the England manager may be having similar thoughts.
"He [Capello] likes me to get at defenders and stay wide - this is the most important thing. It gives us width and provides a good outlet for the team. Obviously he also tells me to get crosses in and track back and do my defensive duties."
But while the experienced former AC Milan and Real Madrid coach has instructed Walcott to try and play wider, the opposite is true of White Hart Lane counterpart Aaron Lennon.
"He encourages me to drop inside and, if I get the chance, to shoot," Lennon revealed.
"I think scoring goals is definitely something I'm trying to improve on. I think I'm capable of scoring a lot of goals - I'm just not being greedy enough. I need to shoot a bit more."
The 23-year-old Yorkshireman was in electrifying form for Spurs in the first half of the season, with three goals and nine assists in 20 Premier League matches by the turn of the year seeing him labelled as one of the division's most improved players.
"Where I've really improved is in my crossing, my final ball, decision-making and general awareness," Lennon explained, adding "I take a bit more time before crossing now. It's something I've been working on with the staff at Tottenham and it's showed this season. I'm playing better than ever."
A groin injury picked up in Spurs' 2-0 win over West Ham in December had ruled him out of action for nearly four months, but his recent return could well serve as a massive boost to both Tottenham and England, particularly if he can recreate his early season form.
Read the full in-depth interviews with both Theo Walcott and Aaron Lennon - as well as Wayne Rooney, Rio Ferdinand and John Terry - in the June issue ofFourFourTwo, out now.
