The arson took place in the wooded area of the King George V Memorial playing fields on Stafford Road yesterday evening, between 6.45pm and 7pm.
Thankfully, the man who was sleeping in the tent at the time was able to get out and was not injured.
Sergeant Sarah Clinton, from CID at Walsall LPA, said: “This could have been very serious. We are looking for three suspects who set fire to the tent using an aerosol of some sort.
“We are appealing for witnesses and for anyone who may have mobile phone footage to get in touch with us.”
People can give information via Live Chat on the West Midlands Police website or by calling 101 quoting crime number 20/462296/23.
Alternatively call Crimestoppers anonymously on 0800 55511.