Director of a consortium trying to buy Luton Town - Steve Browne confirmed City had made a bid and said: "Coventry have made a written bid, but not enough, and they've gone away to come back again.
"Coventry have said they are seriously interested in Bell. They are looking to re-bid. If it comes in and it's something sensible we will tell David."
The 24 year old was at Leicester on loan in the season just finished and is also rumoured to be wanted by Leeds,Norwich and Forest.
Meanwhile, Carlos Bocanegro continues to be linked with a move to the Ricoh Arena after being released by Fulham. A number of clubs including ones in the American MLS League have also been linked.