This note presents a random walk formulation of small particle tracking within the framework of averaged turbulence modeling. Several issues, such as a justification for the finite number of multi-point correlations to be taken, the adoption of just one two-point correlation rather than several, and construction of specific models, are discussed. It offers a new perspective on random walk modeling of small particle dispersion and suggests some possible improvements to existing models, especially with regard to taking into account the spatial correlation explicitly.