Walcott back in Arsenal squad for Saints clash
Walcott has not featured for Arsenal since their 2-1 UEFA Champions League win over Marseille in September but is in line to make an appearance against Mauricio Pochettino's side.
Arsenal manager Arsene Wenger said he would use the England international cautiously in a fixture that will see first meet third in the Premier League, before stating on Friday that Jack Wilshere and Alex Oxlade-Chamberlain had not suffered any further problems in their recoveries.
"Wilshere will have to be managed. If there's an alert on his ankle we'll take advice from the medical team," he said.
"Oxlade-Chamberlain has not had a setback. He is one month away from competition."
Arsenal saw their three-match winning run in the top flight end prior to the international break with a 1-0 defeat against Manchester United.
However, Wenger was pleased with the performance at Old Trafford and believes his side have what it takes to get back to winning ways and continue their title challenge.
"In the first half against Manchester United we played with the handbrake on but we restricted them to very few chances," the Frenchman continued.
"I talked about nerves because I found us nervy in our build-up, not in the second half but the first half.
"You have to expect you can win, lose or draw every game but I know we have enough quality to decide the games in our favour.
"The league is unpredictable this year. The biggest quality needed to win it will be consistency."