The 25-year-old and fellow Wolves academy graduate Jon Flatt are among a number of trialists being assessed by Saddlers boss Darrell Clarke as preparations for the new season begin in earnest.
Both reported to Walsall’s training ground on Monday having been released by their previous clubs during the summer.
McAlinden, who scored two goals in 19 appearances for Wolves, left Cheltenham in May after cutting short a two-year deal at Whaddon Road.
Goalkeeper Flatt, 24, is also a free agent following his departure from Scunthorpe, where he made just one appearance last season.
He was released by Wolves last summer, having failed to make a first-team appearance for the club.
McAlinden was among several young players given a chance by former Wolves boss Kenny Jackett following the club’s relegation to League One in 2013.
His one league goal came in the 1-0 win at MK Dons in March, 2014, when 9,000 travelling supporters attended the game.
McAlinden, who had loan spells at Shrewsbury and Fleetwood among others, left Molineux for Exeter in 2016.