Former England youth international Taylor, 20, and 22-year-old Wright have both signed new one-year contracts with the relegated Saddlers.
"I'm looking forward to working under Paul Merson, he has stated he will give younger lads a chance," Taylor said.
Wright added on the Walsall website: "This is an opportunity for us to show what we can do and help lift this club back into the First Division."
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