Arsenal are reportedly set to open talks with Walcott within the next two weeks, but being in the final year of his contract, Liverpool, Manchester United and Chelsea have all been keeping tabs on the situation.
And Reds boss Brendan Rodgers is confident of signing the England international if talks with Arsenal fall through.
However, McCann believes Walcott will stay despite being tempted away by rival clubs.
“It’s natural that Arsenal are discussing keeping Theo at the club and I think he’s been a very good servant to Arsenal,” he said on Sky Sports.
“Whether Theo would fancy a change or not I don’t know - he is just recovering from a very serious cruciate knee injury.”
Despite only starting just three Premier League games this season, Walcott is desperate for more first-team opportunities.
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Neil McCann has backed Theo Walcott to stay at Arsenal
However, it has been reported that unless he is heavily feature in Arsene Wenger's plans at Arsenal, it is unlikely he will be offered a significant pay rise.
“I know there’s debate about whether Theo should play on the wing or in the middle,” McCann continued.
If clubs like Liverpool or Manchester United maybe are sniffing around and turn his head it might excite him a little, but my gut feeling is that he would want to stay at Arsenal
Neil McCann
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“I think his best position is playing in that sort of areas where he has a bit of freedom to run into the channels because I don’t think he’s best when he’s got his back to goal.
“He’s better when he’s getting balls over the top. Whether Arsene Wenger sees him as a winger or a striker, maybe that will come into the discussions.
“I think this has all come about because it’s been suggested that Arsenal are eyeing up Sterling.
“I like Theo, he is a very good footballer and I still think at 26 years old he has got a lot to offer.
“If clubs like Liverpool or Manchester United maybe are sniffing around and turn his head it might excite him a little, but my gut feeling is that he would want to stay at Arsenal.”
