Darrell Clarke's Saddlers reached the Third Round of the competition after they bounced back after going two-nil down in the opening ten minutes if the first-half to knock-out Chelsea Under 21s by three-goals-to-two in midweek.
Second-half goals from Caolan Lavery, Wes McDonald, and Dan Scarr - the centre-back crashing the ball home in the fourth-minute of second-half stoppage time - saw the Saddlers safely through to the next round.
There will be sixteen Clubs involved in Round Three of the competition with the draw continuing to be split into both Northern and Southern sections.
Walsall will be ball number two in the Southern section of the draw with the Saddlers set to face one of Stevenage, Newport County, Portsmouth, Milton Keynes Dons, Exeter City, Ipswich Town, and Bristol Rovers.
The Round Three draw, hosted by Jim White, will be available to watch live on Sky Sports News, with the draw also covered in full on the official @LeasingcomTrphy Twitter account.