Walsh left Scunthorpe in the summer of 1998 after making over 100 appearances in the right-back slot.
“I have had no other offers, though I know there have been clubs interested in me,” Walsh told the Stoke Sentinel.
“If a really good offer came in I would have to think about it, but I want to stay at Vale. I love it there and hope things can happen for me there.
"Walsh has started just four games this season through injury and understands Foyle's reluctance to offer a new deal.
"It is a slight disappointment not to be offered a deal now, but I have only been involved in a few games so I am happy just to be playing football."