The 28-year-old rejoined the Saddlers on loan from Scunthorpe in January 2017 after impressing during the first half of the campaign.
Born in Taunton, Laird began his football career with Plymouth and enjoyed loan spells at Tiverton and Torquay before moving to Stevenage in January 2008.
He spent four-and-a-half years at Broadhall Way, making over 200 appearances, and helped them win back-to-back promotions from the Conference Premier to League One.
Laird signed for Preston in May 2012 and was a key member of the North End squad that won promotion from League One via the play-offs in 2014/15.
He joined Scunthorpe that summer and played 38 times for the Iron as they finished seventh last season, missing out on the play-offs on goal difference.