Keith Hill is the favourite for the Walsall job.
Martin O’Connor has been in caretaker of the Saddlers since they parted company with Dean Keates two weeks ago.
Hill, who was sacked by Rochdale in March, could be handed a route back into management by the West Midlands side this summer. He is the favourite for the job on SkyBet.
Other candidates for the job consist of O’Connor getting the job on a permanent basis, ex-Grimsby Town, Shrewsbury Town and Ipswich Town boss Paul Hurst and former Charlton Town and Southend United manager Chris Powell.
Walsall are currently in a relegation battle in League One and are four points from safety with just two games left to play. It appears likely they will be playing in the fourth tier next season unless they can pull off a miraculous survival charge.
Hill is a decent option for them in League Two and won promotion from that division with Rochdale on two occasions in the past.
The 49-year-old spent his playing career with Rochdale, Blackburn Rovers and Plymouth Argyle before retiring in 2003.
He got the Rochdale job in 2006 and spent five years at Spotland in his first spell at the helm. Hill was then appointed manager of Barnsley in June 2011, who at the time were in the Championship.
Hill was sacked by the Tykes in December 2012 and returned to Rochdale for a second spell in January 2013, staying there for six years.
Walsall would be a new challenge for him this summer.