San Francisco showed some interest in bringing back Walker last season but ultimately ended up going with Jordan Reed.
Walker, meanwhile, sat out the 2020 season. But Garafolo says the veteran still wants to play in 2021.
Walker, 36, is a former seventh-round pick of the 49ers back in 2006. He spent seven years in San Francisco before signing on with the Titans for the 2013 season.
Walker was entering the final year of his three-year, $19.075 million contract when he agreed to a two-year, $17 million extension that included an $8 million signing bonus and $12.76 million guaranteed in 2019.
He was set to make a base salary of $5.4 million in 2020, but the Titans released him going into the offseason.
In 2019, Walker appeared in seven games for the Titans and caught 21 passes for 215 yards receiving and two touchdowns.