Pennant was poached from Notts by Arsenal in January 1999 and became their youngest ever first-team player. Notts are thought to have received almost £2 million from the deal.
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Meanwhile Gary Owers has effectively been taken off the transfer list at Meadow Lane. Bill Dearden wants to give every player in the squad a chance to prove themselves before making any decisions about their futures.
Notts will host Wigan Athletic at Meadow Lane on Tuesday 19 February. The home game against Northampton is set to take place on Tuesday 29 January.
Richard Liburd was rested from the reserve fixture against Wigan complaining that his knee was still sore. Mark Stallard and Liam Chilvers were also absent and it remains to be seen if they will be fit for Saturday.
The Magpies are negotiating a new contract with Ian Richardson. Richo was linked with a move to Wimbledon in the summer but the deal was called off after he failed a medical.
John Fashanu is in negotiations to buy Northampton Town.
Sheffield Wednesday are said to have bid £400,000 for Manfield's Chris Greenacre. Greenacre has also been linked with Wigan. Meanwhile Stuart Watkiss has been appointed as manager of the Field Mill club.
Chesterfield have offered York City the chance to groundshare at Saltergate. The deal would involve a 300 mile round trip for supporters of the cash-strapped Yorkshire club.
Former Notts striker David Reeves has been signed by Oldham from Chesterfield on a free transfer. Reeves was already on loan at Boundary Park. Reeves played 10 (5) games for the Magpies in 1993 scoring twice.