The 23-year-old, who signed for the Stags from Bristol Rovers last July, made 10 league starts for the club last season.
After limited first-team opportunities, he linked up with Grimsby Town on loan, where he played 21 times.
Menayese will be ineligible to play against the Stags when Mansfield face the Saddlers in September and January of this season’s league campaign.