The Saddlers have already snapped up Matt Jarvis on loan from Norwich this week, as well as Belgian youngster Omar Mussa.
Meanwhile, fellow winger Josh Ginnelly left the Banks’s Stadium after the Saddlers agreed an undisclosed fee with Championship outfit Preston North End.
After a run of just two wins in their last 13 matches, Keates is eager to add to his ranks this month.
But the boss said both he and Walsall’s supporters may have to remain patient, with transfer fees often inflated in January.
“We want to add a few more bodies,” Keates said.
“There are funds there and all being well we can add the right ones.
“But it is, at the moment, a false window. Prices have been driven a lot higher.
“Everybody is chasing the same players so we have to make sure they are the right ones for us moving forward.
“We have got targets, we are speaking to people and we have been for the past few weeks.
“If we can get them in early, great. If not, we have to be patient and make sure they are the right ones for the squad.”
As well as Ginnelly, Walsall have also seen youngster Dylan Parker leave this month with the striker joining Rushall Olympic on loan until the end of the season.
The teenager joined Walsall from Stratford in October 2017. And Keates feels it’s crucial the forward gains first-team experience to aid his development.
“Dylan has gone out to help his development and get some experience, Keates added. “He has been with us for the first six months of the season and trained every day. He is developing but he is at the point now where he needs to go and play men’s football.”