Walcott, 34, recently announced his retirement from football after an 18-year professional career.
And as he moves into the world of punditry, the ex-Arsenal forward lined up alongside Sky Sports’ Keane, 52, and Richards, 35, at the Emirates ahead of the Gunners’ blockbuster clash with Man Utd.
One of the talking points on Sky Sports’ coverage was Arsenal‘s decision to bring Spanish shot-stopper David Raya in as competition for No1 Aaron Ramsdale.
Keane felt it was a good move, saying: “I find it strange with goalkeepers – and it seems to be a lot of ex-players, ex-goalkeepers particularly in the media – saying ‘It’s not right you’re undermining the goalkeeper’.
“You need competition at your club. If every player had that mindset – ‘Oh if somebody’s going to come in to challenge me’ – that’s what you want at your club.
“So these goalkeepers that are upset about another good goalkeeper coming to your club, what are they talking about?”
But Richards immediately countered that point as he doubted the idea of having two keepers vying for the starting spot.
The ex-Man City defender replied: “But how are you suppose to keep the consistency if you’re a centre-back and your keeper keeps changing?”
Keane responded: “You don’t have to keep changing but your competition comes from within. It’s like when I was a midfielder, did I not like Man Utd signing other midfielders? Veron?”
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Before Richards added: “But you can play three in midfield. You can’t play three goalkeepers, can you?”
As the pair bickered, Walcott then hilariously chimed in by asking host Dave Jones: “Is this why I’m stood in the middle in between these two, yeah?”
Richards and Keane then continued their debate as Walcott smiled in amusement.
The former England man announced his retirement last month after ending his second spell with boyhood club Southampton.
He said: “I had some offers abroad, and at some very good Championship teams.
“There’s been some Saudi offers, but that’s not where I want to see myself playing.
“Nothing against the money or the league – I just
feel like right now if my heart’s not into playing football, then it’s not fair on the clubs and not fair on me.
“I would like to [go into media], we’ll see. I do enjoy that side of it, I enjoy analysing the games, analysing the teams, and as well, I have a different insight into the generations, I’ve played in
your generation as well, which is slightly older than myself.”