The footballer, 29, was found guilty of attempting to run away from cops after they saw him taking the narcotic in a large white Land Rover in Edinburgh city centre last year.
He will be sentenced later this month.
It was the second piece of bad news today for O’Connor - his money-spinning contract with Hibs also came to an end. He is now unemployed and looking for a new club.
The city’s sheriff court heard how the former Scotland player tried to con officers by telling him his name was Johnstone.
However, he was rumbled because he spelled the name “J-O-S”. He then pushed shocked police constable PC Katherine Eager, 27, aside and ran away.
But he was stopped by one of her colleagues just 300 metres away from the Land Rover and found to have cocaine with a street value of £450.
Asking that Mr O’Connor be fined Defence solicitor advocate Liam O’Donnell said: “I am asking your lordship to deal with this by way of financial penalty.
“He is a professional footballer. His contract with Hibernian expired today. He is looking for a new club.”
Sheriff McIntyre then asked Mr O’Donnell how much O’Connor earned.
But Mr O’Donnell did not give the court an exact figure. He replied: “He earns a substantial income and he will continue to earn a substantial income. Nothing has been finalised yet.”
Mr O’Donnell also revealed the dad of three was regularly tested by Hibs for drugs.
Mr O’Donnell added: “He is regularly tested for drugs as a professional footballer by Hibernian Football Club.
“Since this incident which took place in May 2011, Mr O’Connor has been of good behaviour.”
O’Connor will be sentenced at Edinburgh Sheriff Court on June 29.