The 20-year-old joined the Blues from MFK Košice in 2007 and signed professional terms in 2010.
He has spent time on loan with Doncaster Rovers, ADO Den Haag and Vitória de Guimarães.
Milan took to Twitter to confirm the deal...
It's official now I signed for @WFCOfficial on 6months loan.. Really happy and looking forward to play for this club #wfc #cfcMilan has represented Slovakia at Under-17, Under-19 and Under-21 levels.
— Milan Lalkovic (@LalkovicMilan23) July 15, 2013
Walsall manager Dean Smith told saddlers.co.uk; "He is a player that I have tried to sign on loan a couple of times previously, I am delighted to finally be able to bring him here."
He’s a goalscorer with tremendous pace who knows where to run and has been well schooled in the game. He’s highly-rated at Chelsea and will certainly bring a threat. He is a welcome addition to the squad"