The Northern Ireland international, who has risen through the ranks at the Banks's Stadium, last term became the first Saddlers player to hit 20 goals in a season since 2000/01 as he enjoyed the best campaign of his promising career to date.
But the 21-year-old becomes a free agent from July 1 and is still to decide where his future lies despite lengthy discussions with the midlands club.
Upbeat boss Dean Smith insists those talks are ongoing as he looks to tie down Grigg, as well as the likes of Febian Brandy and Ben Purkiss, to fresh terms - with a decision expected later this week when the frontman returns from holiday.
"It's a credit to the direction the club is going in that there will be no major overhaul of players this year," Smith told the club's official website. "It means we will be able to hit the ground running and hopefully continue advancing down the road that we want to be on.
"Things have gone smoothly so far and we're certainly moving in the right direction. I'm having regular talks with players. I met with Febian Brandy recently and have spoken with Will Grigg, whose representatives have been in discussions with the club, whilst I will be sitting down with Ben Purkiss shortly.
"I'm also in dialogue with a number of goalkeepers and other players whom I feel would strengthen us in certain areas so, as I say, things are going well."