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Walsall-born midfielder O'Connor has been the club captain at St. Andrew's since 1999 making a total of 223 appearances.
Brazilian born striker Marcelo has made 91 appearances for Blues since signing for £500,000 in October 1999 and is still Blues' current top scorer this season with 12 goals.
Blues have also allowed their local neighbours to keep central defender David Holdsworth on loan until the end of the season.
Walsall boss Colin Lee told his club's official website: "You only have to look at Marcelo's goalscoring record this season with 12 goals to know that he is a real threat in front of goal - while on his day Martin O'Connor is simply one of the best midfield players in Division One."