The Indian international suffered a hamstring strain during Tuesday night's Worthington Cup clash against Crewe and is doubtful for the big showdown.
Should Bhutia fail a fitness test Preece has the option of either bringing in loan ace Dean Crowe or playing himself.
Preece scored twice in a friendly clash against a strong Manchester City side on Thursday afternoon, a game that Bury won 4-1 with Lee Connell and Warren Paynton also on target.
Unbeaten Walsall will provide the sternest test of the season so far for the rejuvenated Shakers.
They have won all five league matches so far this season and are already five points clear of the Shakers in second place.
In Brett Angell, Darren Byfield and Portuguese import Jorge Leitao the Saddlers have one of the most potent strikeforces in the league with each of them having already bagged four goals.
"We'll have to be at our best defensively to counter them," said Preece.
"But everyone in the division will be looking for us to peg them back - we can't let them go eight points ahead so early on.
Motivate
"It should be a great game and everyone is looking forward to it.
"There will be no need to movitate the players for this one, although it's early in the campaign it's a big game."
Paul Hall who spent some time on loan with the Shakers during Neil Warnock's reign has been in top form for Ray Graydon's side and the manager himself has been rewarded for his side's great start with the Division Two Manager of the Month award for August.
But we all know what happens when you win one of those!
Kick-off at Gigg Lane is 3pm. Bhutia worry for boss
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