O'Kelly was drafted in as manager by the Bulls two months ago in a bid to avoid the drop from League Two, but he just missed out on his mission despite beating Crawley and Torquay in his last two games.
"I'm disappointed, like everybody else around here, and will have to go away and think about it," said O'Kelly. "Like everyone else around here my emotions are running around my body and I can't even think about the future.
"I need to go away and sit down and talk to the chairman [David Keyte] and see how I feel about it in a day or so.
"At the moment I couldn't make a decision on what I'm going to do - I couldn't tell you if I was going to cross the road or not, but I want to be successful and that is what it is all about."
Commenting on Hereford's win over promotion-chasing Torquay, O'Kelly added: "We knew what we had to do and that was to go out and give a performance and win the game. We did that, in the first half we contained Torquay quite well and then scored three good goals and could have had two or three more."