Westcarr is out of contract in the summer and no new deal has yet to be agreed at the Banks's Stadium.
The news has alerted a host of Championship and League One sides to Westcarr's possible availability on a free transfer this summer.
The likes of Doncaster Rovers, Coventry City, and MK Dons are thought to be keeping a close eye on Westcarr's contract situation.
Walsall are determined to keep Westcarr and are expected to sit down and hold talks over a new deal in the next few weeks now their play-off hopes have been ended.
Westcarr, who began his career with Nottingham Forest, scored five times in 11 starts last season after making his loan move from Chesterfield permanent in late January and he has netted 16 goals so far this term.