Cheltenham boss Martin Allen has told striker Damian Spencer that the club cannot currently offer him a new deal.
The 27-year-old has been out on loan at Brentford since March and his contract is due to expire this summer.
"Damian now has the opportunity to see what he can get for himself and we will continue to talk through the summer," Allen told the club's website.
Spencer joined Cheltenham Town from Bristol City in 2002 and has made 227 appearances scoring 36 goals.
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