O'Connor, who took charge of five games following the sacking of Dean Keates, was seen by many as a perfect candidate for a role in the club's backroom set up but, following the appointment of former Bristol Rovers boss Darrell Clarke, appears to be moving on to pastures new.
Speaking via his official Twitter feed, Martin said; "To my Walsall FC fans [and] family I have no regrets or disappointment towards our club. I was asked to do a job till end of season which I did. Let’s move forward now together. Thanks for the kind comments."
A dynamic midfielder who scored 30 goals in 178 appearances during three spells with the Saddlers, Martin initially returned to Banks’s Stadium in February to assist on the coaching side but ultimately took charge of first-team affairs as the team slid ever-closer to relegation.
It is not known where Martin plans on going next, but we have no doubt the Walsall-born 51-year-old be seen supporting the Saddlers from time to time.