The striker’s previous deal expired at the end of the 2017/18 campaign with the Saddlers then taking up an option in their favour to extend it by a further year.
But the Express & Star understands a host of clubs are monitoring the 22-year-old who is believed to be open to a move away.
And while Walsall are in no rush to sell, they will listen to sensible offers for the forward.
It is understood a number of Championship clubs have an expressed an interest in Bakayoko in a move that would see him loaned out next season.
Clubs in League One - including Accrington Stanley – as well as teams in League Two have also registered an interest in the player.
There has also been interest in the striker from abroad with a host of talent spotters believing he is a player that can be developed.