Both Walls and Kings were suspended indefinitely by the head coach in connection with a brawl at Bar Knoxville last month.
"The two players that were suspended are reporting back to our program today," Dooley said at Tuesday's press conference. "I can't go into much detail because there hasn't been legal (closure), but I feel very comfortable with the discipline we have put on them and the remorse that they have had. I have no qualms whatsoever on bringing them back to our team."
The Vols, which are shorthanded at the defensive tackle position, can desperately use the return of Memphis resident Marlon Walls.
Senior linebacker Nick Reveiz weighed in on the possible return of his two teammates.
"I know they are sorry for what happened. I know that they are embarrassed by this like all of us were," Reveiz said. "I can tell you this, they made a mistake, and they all did. These two guys are great guys, and I for one will welcome their return if that occurs."
Dooley kicked off safety Darren Myles Jr. and suspended Walls and King, both indefinitely, a day after the incident.
"From day one all the reports have been consistent and I'm convinced that these young men understand what they did and have been very remorseful," Dooley said. "I'm confident that all the young men that were involved will be better ambassadors for our university."
King, who plays linebacker, is also a Memphis native and saw quite a bit of action last fall for the Vols before getting injured.
Dooley said he didn't expect any more charges or suspensions in this incident, unless new evidence surfaces.
"You never say never in these things," Dooley said. "But we feel very comfortable that nothing else will occur because of this."