Walcott is being linked to a move away in January.
But teammate Iwobi revealed: “Theo [Walcott] is one of the more experienced players and he would know how to go about doing this, he still motivates the team and puts in a good shift in training. I even look up to him at times, he tells me what to do and gives me advice. Everyone is there for each other, the chemistry is there.
“He brings goals, chances and is an attacking threat with a lot of pace and he’s one that can hurt defences, so he’s very important to the team.”
Of his personal form, the Nigeria midfielder admits he could be scoring more goals.
“I believe I’ve done okay so far, but I wish I could get more goals,” Iwobi said. “Goals win games and I’ve had a few chances, but overall I’m pleased with my performances. I would like to play a bit more, but I have to be patient as we have a lot of world class players in the team.”