The England international fell awkwardly during Arsenal’s 2-0 FA Cup victory over Tottenham Hotspur on Saturday, and his club have now confirmed the full extent of his injury.
An Arsenal statement revealed the 24-year-old has sustained a ruptured anterior cruciate ligament of his left knee. He will remain in London for surgery over the coming days.
Reacting to the news, former Arsenal favourite Ray Parlour said Walcott will be devastated by the extent of the injury.
"It must be a massive blow for himself because because he's playing in a very good team at the mount, top of the league and looking forward to Brazil," he told Sky Sports News.
"He'll be absolutely distraught losing the rest of the season and obviously missing the World Cup which is the best tournament ever to play in," he added.
The short Arsenal statement concluded: “Everyone at Arsenal wishes Theo a speedy recovery and we look forward to seeing him back on a football pitch as soon as possible.”
The Football Association echoes these sentiments and wishes Theo a full and speedy recovery.