33-year-old Martin, a former teammate of Keates at Peterborough United, joined the club on a deal until the end of the season following a spell as a free agent where he hoped to find employment at a Championship club.
The ex-Norwich City man made twelve appearances for the Saddlers, taking part in just four victories since his debut against Wycombe Wanderers in October.
Russell, who had also formed part of the Saddlers' backroom team, has struggled for form since arriving at Banks's Stadium late last year and had become something of a 'Marmite' player among Saddlers supporters with some questioning his level of performance over recent weeks, especially as the team entered several disappointing performances.
Speaking via the club's official website - Saddlers.co.uk - manager Dean Keates said; "Russ has been a fantastic pro for us since he has been here, both on and off the pitch. Of course we are disappointed to see him leave but the travelling is affecting him and he is at the point now where he needs to put his family first and do what is best for them.
"I’d like to thank Russ for his efforts during his time here and I wish him all the best for whatever the next step in his career is."
Speaking via the club's official website - Saddlers.co.uk - manager Dean Keates said; "Russ has been a fantastic pro for us since he has been here, both on and off the pitch. Of course we are disappointed to see him leave but the travelling is affecting him and he is at the point now where he needs to put his family first and do what is best for them.
"I’d like to thank Russ for his efforts during his time here and I wish him all the best for whatever the next step in his career is."
We would like to join the club in wishing Russell well for the future.