Brighton-born Martin is a free agent after leaving Norwich by mutual consent at the end of last season. The Scottish international spent the second-half of last season on loan at Rangers, where he made ten first-team appearances, scoring one goal.
It is understood that Martin will join the Saddlers later today as he looks to take his first steps into coaching, reuniting with former Peterborough teammate Dean Keates in the process.
The defender, who began his career with his hometown club before briefly Joining Lewes in 2004, could also make his playing debut on Saturday when the Saddlers take on Luton Town at Kenilworth Road.