Walton, 21, will link up with former Matlock team mate Joe Doyle-Charles at the Mander Cruikshank Solicitors Stadium.
He originally joined the Gladiators on loan from Lincoln City last March and impressed with some excellent performances. Former boss Dave Hoole signed him on a permanent basis from the Imps for an undisclosed fee during the summer.
He could not force himself into new boss Dave Frecklington's plans when Hoole left and he has spent the last two months on loan at Stratford Town.
Walton made his debut for Coalville in their 3-3 home draw with King's Lynn Town last Saturday.
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