The Coventry born player who came through City's Academy, was the recipient of a Young Player Of The Year award during his time at Highfield Road but did not get on with Peter Reid and left to join Walsall and later Brentford.
The Bees did not keep him on at the end of last season and Pead had a trial at Port Vale but opted not to sign for them.
He featured for Cheltenham in a friendly on Saturday and Robins boss Keith Downing told This Is Gloucestershire: "Craig is being released and we wanted to have a look at him and I thought he did very well. "He won't be on tour, but we will keep that monitored for a while.
"He's a good footballer, so I will have a look in the next week or two to see if I can fit him into the equation."
Meanwhile, Wayne Andrews is doing some rehabilitation at Lilleshall in Shropshire in a bid to get himself fit and earn a contract with Bristol Rovers. Said Paul Trollope to the Rovers club website: "He might have pushed himself a bit too hard. "A week at Lilleshall will be a huge benefit. "We are hopeful that we can sign Wayne because he is the main one we want in the building."
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