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He has a year remaining on his contract at City, but manager Micky Adams does not see the Nuneaton born defender in his long term plans, and has said he can leave on a free transfer.
Ashton featured in Notts' draws with Mansfield and Blackpool and in loses against Colchester and Bristol City during his month long loan spell.
Following his return to Leicester he made just one more appearance for The Foxes, when he came off the bench for the last ten minutes of the 1-1 home draw with Norwich City at the end of last month to add to two earlier appearances before his loan spell with The Magpies.
Should Notts get their financial situation sorted out soon, Billy Dearden may well look at bringing in the defender who impressed during his loan spell at Meadow Lane. With Craig Ireland, Danny Stone and Richard Holmes all leaving on free transfers the Notts boss will be searching for defensive cover as his team prepares for next season.