England quartet Jack Wilshere, Kieran Gibbs, Alex Oxlade-Chamberlain and Carl Jenkinson, plus Wales midfielder Aaron Ramsey, have all committed their futures to the North London club, it was announced.
But Walcott, who is at a contract impasse over his demands to play as a striker and not a winger, is yet to agree a new deal amidst reports he will be sold in January.
"We are delighted that these five young players have all signed new long-term contracts," boss Arsene Wenger said. "The plan is to build a team around a strong basis of young players, in order to get them to develop their talent at the club.
"Jack is certainly the best known, the leader of this group - but the other four players are exceptional footballers, and we’re very happy that we could conclude their new deals at the same time."
Wenger had said earlier in the week that he was seeking to build a side around local talent, as they understood the values of the club more and were less inclined to seek transfers to other clubs.
However, he is yet to convince Walcott - Arsenal's top scorer this season - with the England forward convinced his future lies in a more central role than that which he is currently employed.
The Frenchman admitted that his desire to 'localise' a club - which was the first in English football to field an all-foreign side - played a large part in the decision.
"Gibbs, Jenkinson, Oxlade-Chamberlain, Ramsey and Wilshere represent a core of the squad and it’s an extension for a long period for all of them.
"I’m a strong believer in stability and I believe when you have a core of British players, it’s always easier to keep them together and that’s what we’ll try to achieve going forward."