Wheatley, who arrived from the Premier League giants in January, has made just three appearances for Walsall and has not featured since a 2-2 draw against Salford City on February 1.
The 19-year-old returned to the squad as an unused substitute during Walsall's 2-2 draw against Bromley at Hayes Lane last week.
The young striker won't be available for the trip to Gillingham on Saturday following his call-up for England under-19s ahead of their upcoming European Championship qualifiers against Wales, Turkey and Portugal respectively.