Till, 23, spent the second half of last season on loan with Chesterfield from Grimsby Town, making 16 appearances for the Spireites.
"He's an attacking wide-man with pace who isn't afraid to take people on," said the Saddlers manager Chris Hutchings.
"It's a great opportunity for him to come here and progress. He's a local lad and we're delighted to have him on board.
"He's done well over the past few weeks with us and hopefully that will continue. He's certainly a player who has the potential to excite people and I look forward to working with him."