The England international, 25, ruptured the anterior cruciate ligament in his left knee during an FA Cup third-round tie against Tottenham in January.
Walcott missed the rest of the 2013-14 season and the World Cup in Brazil.
"We expect him to be back in full training at the end of August," said Arsenal manager Arsene Wenger.
"Theo has a good basis, which is what he's working on now," added Wenger, who also predicted that Walcott's return to contention would be "very quick" once he was back in full training.
When Walcott suffered the injury Arsenal said he would be out of action for at least six months. However the club has for some time accepted that he would not return before the start of the season on 16 August.
The injury ruled Walcott out of the World Cup finals four years after Fabio Capello, then England's manager, left him out of the squad for the 2010 tournament in South Africa, but he is positive over the prospects for his return to action for his club.
"Things are looking really good and I have worked very hard for the last five months now," he told Arsenal's website.
"The most important thing is getting the strength back and it has pretty much nearly healed - it is just about building up that stability and strength again."
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