HITC Sport understands that duo have both agreed deals with Ilkeston.
The teenager is the son of Nottingham Forest legend Des Walker, who is helping oversee his youngest son's next move. His eldest son is signed up with his former club at the City Ground.
Forest did have an interest in Walker junior but their financial situation means they can not compete for his signature, and both Derby and Leicester are battling to land him.
Walker, who spent time on trial at Chelsea earlier this season, was one of their stars of Ilkeston's run in the FA Youth Cup, which saw them narrowly defeated by Newcastle last month.
Ilkeston have already sold Rhys Dolan to Barnsley from their prolific youth side and it is expected up to half-a-dozen of that side could be on the move in the next few weeks.
HITC Sport understands that Derby and Leicester have both been given permission to talk to Walker, who is set to make a decision on his future in the coming days.
Leicester could yet make it a double swoop on Ilkeston as they are battling Tottenham to land Walker's team-mate, central defender Jordan Wheatley.