Bell placed on transfer list.
23-year-old Bell who turned professional in 2001 has made 62 appearances for the Railwaymen finding the net on three occasions.
This season has been a season for the former Academy graduate who broke a bone in his foot while playing a pre-season friendly at Southport. Since coming back from injury, Bell has found it hard to get into the first team with the emergence of O'connor, Roberts and Rix.
Bell has only made one appearance this season and that was against Manchester United in the Carling Cup when he came on as a second half substitute for the injured Andy Taylor. In recent days Bell had been linked to a possible loan back to Conference side Burton Albion - a club where he enjoyed a good spell with the Brewers.
Bell's name is likely to be circulated to clubs and no doubt it may prompt Nigel Clough to make a move for a player who he admires.