Lee Sharpe could stay in the First Division with Grimsby - providing he agrees to a massive pay cut.
Sharpe, one of six players released by City at the end of their contracts, is wanted by the Mariners.
But Grimsby boss Paul Groves would have to persuade him to accept less than a third of the £10,000 a week he has been on at Valley Parade. The Cleethorpes club's top earner is on £2,500.
Groves is in the hunt for a left-winger and said: "Lee is somebody who would come into the category we're looking for and he would strengthen the squad.
"The player has been put to me by an agent, but any deal depends on how realistic he is in terms of money or what offers he gets elsewhere."
Sharpe, who made 19 appearances last season, is also believed to have received offers to play in America.
Dundee United manager Alex Smith has hit back at Nicky Law's jibe that he is being "silly" for quoting a £150,000 fee for goalkeeper Alan Combe.
Smith said: "There has actually been no bid for Alan from Bradford and I haven't even spoken to Nicky Law.
"He has not been a manager very long but it is a nonsense to say £150,000 is a lot of money for a man who is on the fringes of the Scotland set-up and who impressed while playing in their first team."
Combe, who played the first half for Scotland B against Dundee United in a private trial match on Tuesday, is not in Smith's plans at Tannadice.
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