Sky Sports News has learned that Saka is expected to start for England.
In England's World Cup opener against Iran, Saka scored two goals, but did not find the net against the US.
Phil Foden and Marcus Rashford both scored in the win over Wales, but the 21-year-old Walcott was not used.
As the team looks to make the quarter-finals for the third successive major tournament, Saka will be back in the starting line-up.
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Jamie Carragher is a Sky Sports commentator.
I don't think there's a big difference between what he goes with and what he did before.
It shows how strong he is in those wide areas. I just felt that Foden and Rashford were the right ones to go with, just because they were so confident in the last game, but then again you think of how good the other two were.
I'm not surprised by what he does in the wide areas because we have a lot of quality there. There is a lot of competition for places in the squad.
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Sky Sports News has a reporter named Rob.
"Sak has been on top of his game this season." The player of the game was Saka. He brought an energy to that attack, but also with a defensive midnset, and that's probably what got him the nod today.
"Southgate knows he can rely on Saka to get back if there are any breaks, he has the pace and energy to make sure that happens."
It is a big call.
Sky sports news' senior reporter.
Saka is set to start despite all the talk of an unchanged line up. One of the two players is expected to miss out.
The fact that Saka was rested in the last game may mean that this was always planned.
There is a talking point over what will happen in attack. Foden's grace and dynamism on the ball was on display against Wales, as was the directness of Rashford. There will be no complaints about the inclusion of Saka.
One of the bedrocks of his management is the sterling- Kane combination, which has never started a knockout game without him.
Sky Sports News is led by a senior reporter.
Most of the side will not change. I expect the formation to stay the same, as it has worked well for England in the tournament so far, allowing them an extra man in the middle.
The back four is likely to be the same with either Kyle Walker or Kieran Trippier at right-back. Without Trippier in the team, England lose some expertise with set pieces and Walker could well win that battle.
Jordan Henderson is certain to get the nod ahead of Mason Mount because of his experience and stabilising presence.
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Even though Harry Kane hasn't scored in the World Cup, we know he'll lead the line for England. In the pre-match news conference, the captain insisted that he is fit and well, despite not being at his best.
His three assists are the most by an Englishman at a World Cup since David Beckham in 1994.
Since the win over Wales, England's wide attacking positions have been the subject of a lot of discussion. It was long before that game as well.
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Expect Jack Grealish to remain as England's super-sub and so it's a question of which two from four.
"I'm not sure if there's a right or wrong choice, because all four of them are exceptional and each of them offers something different," he said. That is correct.
He pointed out that with five subs available, each of them could make an impact off the bench.
Henderson, Rashford and Foden have done media interviews in the last few days, so they must be in the starting XI. I don't know if the FA or Southgate work that way.
The round of 16 kicks off on December 4.
The England vs France or Poland game will start at 7pm.
The semi-finals will take place on December 14.
The Netherlands defeated the USA and Argentina defeated Australia.
France vs Poland is scheduled to start at 3pm on December 4th.
Japan is in Group E and Croatia is in Group F.
The winner of Group F will play the runner-up of Group E at 3pm.