The Sky Blues are looking to bolster their squad after a below par season in the Championship which sees them currently lie in 18th spot in the table following a six-game run without a win and with one match remaining.
Midlands rivals Birmingham's promotion success was boosted by the performances of players such as Nicklas Bendtner, Fabrice Muamba and Sebastian Larsson, who all signed on season-long loans from Arsenal before Larsson made his move permanent in January.
Whilst Flowers has rubbished talk of a move for Walcott, he has confirmed that boss Iain Dowie is keen on looking at the possibility of similar loan arrangements.
"Theo Walcott? It's a great rumour, but no," Flowers told the Coventry Telegraph.
"But Birmingham brought in three players from the Arsenal, who have massively improved their squad, so you have to look at things like that.
"What we do will be determined by the budget, but there will be changes in the summer, and hopefully quite a few.
"It will be a different team next season because our league position is not good enough.
"This is a good football club and should be pushing for those top-six places. Our supporters aren't mugs, they understand that.
"Everybody at this club has given their all since we've been here.
"Their effort and commitment has been commendable but the bottom line is that we need better quality.
"It's our job with the resources that we get to bring in that better quality. There are going to be changes and there will be people who fall by the wayside - some already have."
