Hill, who is currently unemployed after leaving Rochdale in early March as his second spell, which lasted six years, came to an end following a string of poor results which saw the Dale sitting in the League One relegation zone.
The Saddlers, who sacked club legend Dean Keates following the defeat to Oxford United earlier this month, are not expected to announce a permanent replacement until the current campaign has come to an end.
Interim boss Martin O'Connor has been unable to halt a string of poor performances as the Saddlers arrive at this weekend's clash with Peterborough on the back of a run of seven defeats in eight league outings.
Whoever ultimately takes the helm at Banks's Stadium is sure to have a busy summer ahead as, with several first-team and fringe contracts coming to an end, and as the club faces up to the prospect of life in League Two, there is clearly plenty of work to do.
