Bell, who joined the Hatters in 2006 from Rushden and Diamonds in a £100,000 move, remains sought after despite spending the period since January involved in Leicester's unsuccessful fight against relegation from the second tier.
The midfielder, 24, who can play in a central or wide position, is available for transfer from the monumentally cash-strapped Kenilworth Road club, who remain in administration. Any transfer is likely to be held up by the club's exit from administration, which would allow the club to keep the funds.
Bell was previously touted as a target for Portsmouth. He has made a habit out of scoring spectacular goals during his time with Luton, who will spend next season in Coca Cola League Two.