The Gunners left their original home in north London in 2006 to move to the spectacular 60,000-seater stadium in the hope it would propel them to even greater heights.
Yet the upper echelons of domestic and European football appeared further away than ever at times during the end of Arsene Wenger's reign.
Unai Emery was given the unenviable task of trying to follow in the legendary manager's footsteps, yet his tenure lasted until the end of 2019, which afforded Arteta the opportunity to make his mark.
Admittedly, it has taken time for the Spaniard to gel in north London and for his ideas to resonate, yet the style of play and amalgamation of several young starlets like Emile Smith-Rowe and Bukayo Saka into the team is starting to click.
And Southampton winger Walcott, who left the club in 2018, believes good times are not far away for Arsenal fans.
"I just feel like there is a fear factor coming back now," Walcott said on Darren Bent's Boot Room. "Which is really nice to see.
"At Highbury, everyone feared going to Highbury, then the Emirates it was difficult to have that sort of effect.
"I'm starting to feel like the Arsenal are starting to come back to where we all want to see them, because I feel like if Arsenal are challenging, it is always going to be better for the league.
"We've got them in a couple weeks time, but after that game I'm sure they are going to have a very good season because of what [Arteta] is doing with the young players coming through.
"He's going to have money to spend as well of course, a very youthful team, which is really nice to see."