The Dublin born stopper had originally joined The Saddlers on a emergency one-month loan deal in January and made several impressive saves during his six game spell.
He played his final game for The Saddlers versus Notts County. Saddlers manager Dean Smith had opened discussions with Dons boss Karl Robinson soon after the tie, but his parent club have decided to keep him as cover.
Ian recently Tweeted, "won't be going back to Walsall on loan needed back here! Wish the lads and fans all the best for rest of season! Been a pleasure".
Walsall are still on the look out for a 'keeper and hope to secure an emergency loan deal in the coming days.