Walcott scored twice and played a starring role in the 6-1 Capital One Cup mauling of Coventry in the week that he said being played as the main forward could be instrumental in signing a new contract with the club.
Wenger said: "I'm not against it, I'm not against it at all but we try and at the moment there is big competition up front, we have a different formula and the team is doing well. His time will come for that and at the moment we have to be a bit patient. He is a great finisher now, in front of goal he is really absolutely amazing."
Wenger employed the 23-year-old in a wide role against the npower League One club but he showed his goalscoring potential with two efforts in the second half.
The game was already wrapped up at that stage thanks to goals from Olivier Giroud, Alex Oxlade-Chamberlain and Andrey Arshavin, with Ignasi Miquel scoring in between Walcott's strikes.
Wenger also revealed the club are constantly in talks with Walcott's representatives over a new deal and is hopeful of keeping him at the club.
"We want him to stay, I always said exactly the same," he said.
"We are all professional and I always said that lets hope we can extend his deal and that is part of every professional situation.
"I speak to Theo of course, we are always in touch with them (his agent) and you have to give us some time to try and sort that out."
Source: PA
Source: PA