On 22 April 2012, Walker was named as the PFA Young Player of the Year, beating the likes of Sergio Agüero, Danny Welbeck, Daniel Sturridge, Alex Oxlade-Chamberlain and teammate Gareth Bale to the award, as well as being named in the PFA Team of the Year. On 29 April, he scored a free kick from 25 yards to help Tottenham beat Blackburn Rovers 2–0 at White Hart Lane. On 3 May 2012, Walker was awarded with a new five-year contract, that runs until 2017.
Walker's performance against Manchester United in March 2012 saw him at fault for two of the opposition's goals in a 3–1 defeat. He began his next season in a similar vein; he was at fault for Chelsea's 4th goal in the 4–2 defeat at White Hart Lane, getting shrugged off the ball easily by Juan Mata. He was ever-present in the first half of the season in the Premier League, with the exception of the 3–0 victory over Fulham at Craven Cottage; this included playing 90 minutes in the 3–2 win over Manchester United, which was Tottenham's first victory at Old Trafford in 23 years.
In December 2012, Walker signed a boot deal with Nike to wear the T90 Laser IV which were also worn by Wayne Rooney. From 2009 to 2012, he wore the SX Valor, SX Flare, Stealth Pro, Speciali, Stealth Pro II, GT Pro, and GT Pro II boots by Umbro.