The England international, who is currently on tour with the Gunners in Asia, found the net 21 times during the last campaign.
"I got 21 goals last season and I want to try and push on from there," Walcott told the club's official website. "I want to try and get to 25. That's my benchmark but I believe in myself and that's the main thing."
Arsenal start the new season at home to Aston Villa on August 17.