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The 29-year-old defender has not been given a new deal by the Valiants but manager Martin Foyle said he may make Walsh an offer if he can unload some players.
Walsh who has had an injury hit time as a footballer came to the Alex last summer to get treatment for niggling injuries and played in 18 games last season for Vale.
Next season would of been his 10th season at Vale Park and he would of been entitled to a testimonial but with no real offer on the table he may look elsewhere. Three clubs have expressed an interest in the Yorkshire born defender and Walsh has said on record he would like to join Crewe as he is impressed by the set up at Gresty Road and would like to stay local to the area.
Walsh was a £100k signing back in 1998 from Scunthorpe United but has only made 184 starts since joining.
If Walsh was to sign for the Railwaymen he would be the first player since Dave Brammer to join Crewe.