The Saddlers are expecting Forest to come back with another offer this week, while they are also expecting other clubs to lodge bids.
But with Johnson pricing himself out of a move from the City Ground this summer - asking Lincoln for more than £20,000 a week - he is well out of the price range of the Bescot Stadium club.
An offer of around £1million with a sell on clause is expected to be what Walsall are holding out for, however if the right player is offered as part of the deal and is paid off by their old club this will lower their demands.