The 20-year-old netted 12 goals this season, but could seek a fresh challenge if his long-term future is not resolved over the summer.
Black told Skysports.com: "Troy has a clause in his contract which means it gets reviewed when his performances trigger certain aspects of the deal.
"He has achieved what is necessary to earn an extension but the club haven't been forthcoming in offering new terms.
"Troy has 12 months left currently and is happy at Walsall, but feels if the club can't determine his long-term future then we
will have to talk about where we go from here.
"We'll see what comes about over the next few weeks but it's an uncertain time for Troy and he is keeping his options open."