Gordon is well down the pecking order at the King Power Stadium and Leicester are ready to let him move on.
The 23-year-old joined Leicester from Northern Premier League Premier Division side Stafford Rangers in April 2017, after impressing on trial at the King Power Stadium.
Gordon was a regular for Leicester's Under-23 side last season, scoring six goals in 27 games in Premier League 2, but he has yet to break into Claude Puel's first-team plans.
Leicester were hoping Gordon could follow the path of Jamie Vardy, who worked his way up from non-league football to starring in the Premier League with the Foxes.
Walsall are in the market for striking reinforcements after selling Amadou Bakayoko to League One rivals Coventry City earlier this week.
Saddlers boss Dean Keates believes Gordon can prove a valuable addition to his side, in that he can play anywhere across the front line.
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