Meanwhile Liam Trotter, who is currently on loan until the end of the season at Millwall has also been offered a new one year deal, but is likely to have several options for next season, with his loan club said to be keen to sign him on a full time basis.
Alongside Trotter and O'Connor, youngsters Jack Ainsley, Reggie Lambe, Troy Brown and goalkeeper Ian McLoughlin have also been offered another year at the club and are said to be delighted at being kept on.
Speaking to the Official Club Website, Keane confirmed: "Shane has been one of the positives for us this season. He came on trial to the Club last summer when he was looking for a chance and he's come in and done well.
"We have offered him a two year contract because we think he deserves that. Jack Ainsley, Reggie Lambe, Troy Brown and Ian McLoughlin have all been handed one year extensions. I have spoken to all of them and they are delighted to have been offered another year."