The England international has returned to training following nine months on the treatment table after suffering cruciate knee ligament damage back in January.
There were suggestions that Walcott would return to the squad this weekend after playing for the Under-21s last week, but Wenger has confirmed that the Sunderland match is too early for the 25-year-old.
The French boss, who has claimed that Walcott will be involved next week, told reporters: "He has to get used to contact again. It takes time to get used to being kicked again.
"After seeing what he has gone through over the last nine months you respect him more."
Arsenal will take on Anderlecht in the Champions League and Burnley next week.