O’Connor, who played 39 times and scored eight goals for Stags during their 2008/09 Conference Premier season, joined his local side this week.
And the Basford boy says he is eager to help the club continue their progression.
“I’m delighted to be here at Basford and it’s nice to be able to get it done and dusted,” he said.
“The move nearly happened a couple of times over the last few years, so to finally get it done is great.
“I’m a Basford boy. I’ve spoken to Steve (Chettle) and Chris (Chairman, Munroe) and know fully what they’ve been doing here over the last however many years.
“It’s been a project that they’re building, so I wanted to jump on board with that and get the club where it wants to go.
“It came out of the blue this time around, to be honest.
“I was close to joining a couple of other clubs, or at least on the verge of making a decision with them, and then I got a message asking if I wouldn’t mind coming in to speak with Basford and Chetts, which I was happy to do.
“I was impressed with what I saw when I watched them against Mickleover. The way Basford play football – I think it suits my style of play.
“I told Steve that, too, and that was it – I knew this is where I wanted to be.”
O’Conner (37), began his career at Ilkeston Town and enjoyed spells with Scunthorpe United, Luton Town, Forest Green Rovers and Newport County.