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He is willing to let Walsall have O'Connor and Marcelo on free transfers, and Holdsworth until the end of the season.
Holdsworth is already at Bescot on loan but Bruce wants him away and off the wage bill.
For these moves to happen Walsall would have to pay Blues a fee in the region of £150,000 should the trio help them avoid relegation from Division One.
Brazilian-born striker Marcelo, Blues leading scorer this season, may be reluctant to make a decision immediately, especially as his wife gave birth to their first child on Friday.
Like O'Connor, he is out of contract in the summer and it is clear Bruce sees neither man in his long-term plans.
O'Connor has rejected Bruce's offer of a 12-month deal with coaching duties thrown in.
"I was looking to make Martin a member of the coaching staff but he wanted to concentrate solely on playing." Bruce told the Birmingham Evening Mail.
"Walsall have offered him the chance to take up that challenge. No disrespect to Martin or Marcelo, but Walsall's interest has pre-empted the situation in the summer."
"Both are out of contract then and Martin intimidated he wanted to go, while Marcelo wants first team games at his age, which I cannot guarantee him."
"There is a big job to be done here and I don't intend to sit around."
"If I can make things happen that I believe are to our benefit, I will."
"I'd ask supporters to stay with me and judge me when I've done what I want to do because exciting times are ahead for us."