30-year-old Laird, who made thirty-one first-team appearances during a loan speall in 2016/17, joined Forest Green at the end of that campaign and went on to make over forty appearances last season, but has struggled to break into the starting line-up over the course of this season, making just one appearance so far.
Speaking via the club's official website - Saddlers.co.uk - Scott said; "It’s amazing to be back. I can’t thank everyone at the club enough for getting it sorted and getting it over the line so quickly.
"I know a few of the lads and can’t wait to see them again at training and get going for the rest of the season. I’m here to do the best I can for Walsall Football Club. I said when I was here in my last loan spell that I am not one of those loanees who is here to do it for themselves.
"I really care about the football club and I want to do well for Walsall. If doing my best helps me earn a contract with the club then brilliant - that is what I will be trying to do. I have got to impress the gaffer day in, day out. I am happy to be back and hopefully I can help the club out."