Some demonstrative embodiments include devices, systems and methods of communication by co-located wireless communication modules. For example, a device may be configured to receive a latency attribute indicating an allowed latency to transmit a packet using one or more shared resources shared between a plurality of wireless communication modules; receive a first priority level indicating a first transmission priority of the packet; increase the first priority level to a second priority level based on a comparison between the allowed latency and a time from reception of the latency attribute; and send the second priority level to an arbitration module, the second priority level to indicate to the arbitration module a second transmission priority to transmit the packet using the shared resources.