The 25-year-old targetman is surplus to requirements at Bolton and has been told he can leave the club this summer for a fee in the region of £75,000 plus add ons.
Walsall have money to spend on a new striker after selling Andreas Makris to Cypriot out APOEL earlier this month.
Boss Jon Whitney confirmed those funds will be invested in a new front man and it's understood a tentative enquiry was made for Proctor.
But it's Rotherham who are leading the chase and look set to land the striker after having a bid accepted by Bolton.
Millers boss Paul Warne has publicly declared his admiration for the former Carlisle man.
And while both Walsall and League One rivals Doncaster are thought to be willing to match their offer, it appears the player is now set on a move to the New York Stadium.
Saddlers fans however can expect some more positive news on the transfer front with the club set to announce their fourth singing of the summer this week.
Following the arrival of full-back Luke Leahy, Whitney snapped up defender Jon Guthrie and goalkeeper Mark Gillespie last week.
And the Express & Star understands the boss is closing in on another new addition which could be announced as early as today.
Meanwhile, Whitney said it is still possible midfielder George Dobson could return to the Saddlers for a second spell.
The 19-year-old made 26 appearances for Walsall last season after joining on a season long loan from West Ham.
Dobson has previously stated he is eager to go out on loan again next season and confirmed he would be interested in returning to the Banks's.
And Whitney confirmed he is still monitoring the youngster.
"George I am still in discussions with," the boss said.
"I am still speaking with his agent. I watched him at the end of last year playing for West Ham under-23s.
"I'm still in touch with George. There is nothing definite on that at the minute but we are still in touch.
"It is still in the pipeline but I'm not sure which way it will go yet."