Midfielder Riley signed from Carlisle in the summer but has yet to feature for The Saddlers after a major foot injury which has required surgery.
He was affected by two floating bone fragments and underwent an exploratory operation in October, from which he is recovering well.
The 25-year-old won't be ready until the New Year and has yet to have a boot taken off his foot which was put on to aid his recovery.
But boss Michael Flynn said so far the bone has been healing well according to the medics and they are pleased with his progress.
Flynn said: "It's always good to have a player back from injury and with Joe we are being cautious as he hasn't had the boot taken off yet but we are told the injury is progressing well. "When he does come back it will be like having a new player and certainly an extra option because he hasn't featured for us yet so we look forward to when he can."