Onoura was installed as Player-Coach this summer fallowing his release from Huddersfield Town, the striker never made an appearance for his new club.
Iffy Onoura whilst on loan at Wycombe last season.
Walsall player-manager Paul Merson told saddlers.co.uk: "It was a very difficult decision.
"Iffy has worked hard during his time at Bescot Stadium and we have all enjoyed working with him.
"I feel, however, that at this time, when results have been going against us, that we are in need of more experience.
"We would like to wish Iffy every success in his future career."
Blades-Mad would like to add our commiserations to Iffy and say that on a fans point of view he his always welcome back at Bramall Lane.