Saunders has admitted that there is no cover for first-choice Stephen Ward and an injury could expose the full-back area.
"I have thought about Lee – he had half a game a fortnight ago today when the Under-21s played the lads who didn't play for us at Leicester and he did alright," the Express & Star quotes Saunders as saying.
"I haven't got any further with that; I haven't seen him since. He's been doing a bit of training with the youth team, but we haven't got any cover at left-back and we have to keep our fingers crossed that Wardy stays fit."
Naylor made 334 appearances for Wolves between 1997 and 2006.