"With us having a small squad and Neil being a utility player who is comfortable in a number of positions, this is a very good signing for us," Saddlers boss Colin Lee told the club's website.
"He is a player that I have worked with before and he will give us a real physical presence, and he is a good character to have around in the dressing room."
Emblen could make his debut for Walsall in the local derby against Wolves on Saturday.