But that does not mean Hutchings cannot make another move in the January transfer window, and he plans to speak to McDonald's agent and City to see where the Saddlers stand.
"We're in contact and trying to sort that situation out," Hutchings told the Express and Star. "Over the next couple of weeks we might have a little bit more news.
"It's ongoing, I'll be in touch with his agent in the coming weeks and finding out the situation with Manchester City."
McDonald, who turned 21 on Sunday, has made eight appearances for Walsall but has been a peripheral figure since returning from a minor groin injury back in October.