Both payers have been released by cash-strapped Bradford as they struggle to avoid going out of business.
Merson knows all about Standing from their time together at Villa and is a big fan of the 23-year-old.
The Saddlers player-manager has held talks with the pair and is hopeful of concluding a double deal in the next week.
Merson is in the market for a new goalkeeper with doubts surrounding the future of James Walker and Paston could prove to be an ideal replacement should Walker move on.
"If 'Wacka' (Walker) signs then of course he would be first choice, but this lad could easily be a first choice," said Merson.
"He comes for everything which is important, because although some teams try to play football in the Second Division they do try to get the ball forward early."
The Saddlers have also been linked with a move for Republic of Ireland international Mark Kinsella.
Kinsella is available on a free transfer after his release from West Brom and his experience would prove invaluable as Walsall look to bounce back to Division One next season.
