32-year-old, Birmingham-born Ward spent the first half of the season on loan with the Saddlers' League One rivals Charlton Athletic, making eleven first-team appearances, scoring one goal.
Ward, who is a product of Aston Villa's youth system, has made over four-hundred appearances over a thirteen-year career which has seen him play out for clubs such as Stockport County, Torquay United, Chesterfield, Sheffield United, Derby County, Burton Albion, and Cardiff City.
The Northern Ireland international, who plays both as a striker and winger, would add plenty of attacking endeavour to the Saddlers' starting line-up, and, if a deal can be struck, will likely join on loan until the end of the season.