The 21-year-old Cyprus international has sealed a return to his homeland after the two clubs agreed a deal thought to be in the region of the 200,000 euros - the same fee splashed out by the Saddlers when they signed Makris from Anorthosis Famagusta last August.
Makris broke one of the oldest transfer records in the country when he arrived at the Banks’s for a fee higher than the £175,000 which saw Alan Buckley move to Walsall from Blues in 1979.
But he endured a difficult season in League One, scoring just one goal in 35 first-team appearances.
“The move has not quite worked out but everyone could see how hard Andreas worked for the side and we wish him all the best in the future,” said Saddlers boss Jon Whitney.
“He has been a pleasure to work with and hope that a return to his homeland will re-invigorate his club and international career.”
Rumours Makris was set to leave the Banks’s first surfaced in the Cypriot press on Tuesday morning
Watch: Andreas Makris' only goal for Walsall.
Apoel are then understood to have frustrated Walsall officials by announcing the deal, complete with pictures of the player in the club's shirt, prior to all the paperwork being complete, a fact then referenced by the Saddlers when they officially confirmed the move around an hour later.
Makris, who was just a year into a three-year deal at the Banks’s, has agreed a three-year deal with Apoel who will play in the Champions League group stages next season.