The Gunners are in the midst of their worst start to a season for more than 50 years and languish 17th in the Premier League. The poor performances have seen Wenger's position come under increasing scrutiny and led to some calling for a new man at the helm.
However, Walcott insists the poor start is the players' fault and not that of the Arsenal manager.
''The boss is a great man, he can deal with anything thrown at him,'' he told Absolute Radio's Rock 'n' Roll Football. ''He's been at the club for over 15 years and so he's not under any pressure at all. Us players, we need to look at ourselves and start doing it on the pitch, to be honest.
''A lot of people say about the defensive sort of issue but it's not just the back four, you need to look at defending as a whole team. We haven't managed to do that, to be honest, so we need to make sure we're at it against Bolton at the weekend.
''It's going to be a tough game. They have come from a good result during midweek. We've got our home fans as well. We've got a few home games and that's important for us now, to have our home support. The boss can deal with anything.''
Arsenal come into the match on the back of a disappointing 4-3 defeat at Blackburn last weekend. Despite only accruing four points from five matches, Walcott believes the Gunners will soon turn the corner and can go on a winning run.
''We've just got to forget about (last week),'' he added. ''We're scoring goals. We managed to score three goals away from home and still lost, which was disappointing.
''But we just need to forget about it. We need to just move on. That is important for us, not to dwell on these results we've had. We just need to try and just win, take it game by game. Maybe we're thinking too far ahead at the moment.
''As soon as we start getting a good run, hopefully you'll see the true Arsenal come back. Manchester United had a bad start last season, not as bad as us, but you can bounce back from that so we've got nothing to worry about.''
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