Walcott has scored just once since he renewed his contract at Arsenal in January, but after it was suggested to Wenger that there might be a link between his poor form and settled future, he was quick to reveal how the 24-year-old had maintained his work-rate in training.
The Frenchman told reporters: "I don't believe that. If he didn't play well and had not signed a contract, then people would say the opposite.
"I don't think that is linked, especially with the fact that he has signed a contract or not. Because you can say as well he is more secure, he can express himself.
"I don't see any difference in attitude in training. He is a guy who loves football, who stays after training, works on his finishing."
The England international had netted 10 goals in 18 appearances in the first half of the season.