The England international has been out of action since rupturing his cruciate ligament in his side's 2-0 win over Tottenham Hotspur in January.
He has recently returned to training and with Mesut Ozil ruled out for three months, Gibbs is delighted to have a key member of the team back.
"It is good to have Theo Walcott in the team because he is such an important player for us," he wrote on Sportlobster.com. "Theo coming back will give us a big boost.
"It is difficult to get over an injury like his and it takes a lot of commitment and dedication but he will be fitter and stronger than ever.
"The timing of his return is pretty good, what with Ozil being injured – this was a big blow for us."
Walcott joined Arsenal in January 2006 and has scored 69 goals for the Gunners.