Leicester were crowned Premier League Champions last night when Tottenham Hotspur let a two-goal lead slip at Stamford Bridge to Guus Hiddink's Chelsea, a result which left the Foxes seven points clear with two games to play.
Dubbed as one of the greatest sporting achievements of all time, Leicester's staggering performances this season have led many to see their triumph as a one-off.
But Walsh believes Leicester are capable of going the distance again next season.
"We've not just won this by the spirit, they have won it through entertaining," he said. "We've got some class players, and there will be money to spend and strengthen now.
"People are saying this is just a one off year, but I don't see it that way. We could win it again next year."
With Leicester expected to net a total of £150 million through Premier League and Champions League earnings, there is no doubt that they will be in a position to strengthen going into the summer.
But if you were hoping to try to cash in on another 5000/1 success, you may have to look elsewhere, with bookmakers currently pitting the Foxes at 7/1 to retain their title.
Walsh made 352 appearances for the Foxes, spending fourteen years at the club.
During his time at Filbert Street he lifted the League Cup trophy, then known as the Coca-Cola Cup, in 1997. He remains a hugely popular figure among Leicester fans, who nicknamed him 'Captain Fantastic' during his time there.