What exercise will help get rid of the saddlebags on my outer thighs?

Well I am going to help you answer that but we have to begin with a basic understanding that no exercise causes fat reduction in a specific place. Your body will lose fat generally from everywhere as you begin to reduce your caloric intake and begin to increase your caloric burn.

I know you want to reduce "saddlebags" so to do this first determine how many calories that you need on a daily basis to maintain your current body weight with your current activity level. Subtract 20% or 500 calories whichever is higher from this number and start eating that calorie level on a daily basis. You will lose an average of a pound per week assuming the numbers that you determined were accurate. Check with your nutritionist, trainer, doctor etc. for accuracy. When you reach your desired weight determine if you still are unhappy with your appearance. Consult with one of the above to determine if your body fat is at a healthy level and if by all measurements you are considered lean. 

When a person generally gets to this lean level all "problem areas" are usually pretty much an afterthought or are no longer a problem. Focus on your intake of calories, practice a sensible fitness program, and make sure you are living a healthy lifestyle and you will find the "saddlebags" are not an issue for very long.

Unfortunately, there is no one single exercise that will help get rid of the "saddle bags" on your outer thighs.  Getting rid of "saddle bags" comes down to participating in a progressive total-body resistance training routine, working out the muscles of the hips and legs with a variety of resistance training exercises, and monitoring calorie intake to ensure that a deficit has been created.  By creating a caloric deficit, the body will be forced to use stored body fat for energy, including the fat from around your hips and outer thighs.  Unfortunately, at what point this occurs in your program is highly  individual and influenced by genetics.  Once body fat levels drop significantly, the muscles in your hips and thighs should begin to show, giving you the look that you desire.  This being said, an exercise you can use to work out the hip and thigh muscles and that helps strengthen and tone them is tube walking: side to side.  Begin performing tube walking: sided to side by placing elastic tubing around your ankles.  Stand with your feet pointed straight ahead and hip-width apart, knees slightly bent. Draw-in the belly button to tighten the abs and squeeze the glutes.  Next, while keeping the feet straight,  take small steps sideways, being careful not to hike the hips up or move the upper body. Perform 10-15 steps and repeat in the opposite direction.  If this exercise is too difficult to perform, another fantastic exercise for the outer hips is the side-lying leg raise.

First of all, you cannot target a specific area and reduce fat in that area alone through exercise. You can, however, reduce your overall fat through reduced calories and exercise, which will eventually get rid of that unwanted fat (saddlebags) on the outer thighs.

In the mean time, while you are waiting for the fat in that area to be reduced, you can perform some exercises to tone the muscle hiding beneath that fat! Here are a two of my favorites:

Side walking with bands or tubing- with bands or tubing around your ankles, feet shoulder width apart, knees slightly bent facing forward. Remember to keep head and chest up with belly button pulled in. Step with one foot to the side as far as comfortable, and then bring the other foot along. Be careful to keep the hips square and the upper body with good posture. Take 10-15 steps, the repeat in the other direction so your muscles are balanced!

Side lying leg lift- Lay on your side. You can lay with your head all the way to the floor or on your elbow with your hand supporting your head, whichever is more comfortable. Top leg straight, bottom leg slightly bent. Pull your belly button in, and make sure there is a straight line from your chest to your toes. You will want to hold this position throughout the movement to target that muscle. Keeping your knee & toes pointing forward, raise the top leg as high as comfortable, then return to starting position and repeat 10-15 times. Turnover and do the other side!

As for some of us we all have those certain areas that we want to get rid of.  Unfortunately, you cannot spot reduce those areas.  When wanting to get rid of your saddlebags come down to three things.  A  proper resistance training program, cardiovascular program and correct meal planning.  As you start burning more than you are eating your weight will drop and so will your bodyfat.  Eventually you will start to see those saddlebags go away.