It has signed a deal to anchor the Shannons Mill development in the town, with a 118,000 sq ft (11,000 sq m) superstore trading over two levels.
Shannons Mill is being developed by St Modwen, in a joint venture with local developer Goold Estates. Planning permission has already been granted for an outlet mall and construction is expected to begin early next year.
The store is being developed on the site of a former Sainsbury's outlet.
Asda has already demonstrated its commitment to Walsall as a test bed for new concepts, with a standalone Asda Living homewares store on the Crown Wharf site.
Asda property communications manager Simon Leonard said: 'Walsall is a town we have wanted to be in for a very long time. It is ironic that the decision of one of our competitors to pull out of the town has left the door open for us.'
Markham Vaughan Gillingham is advising the developers.
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