Reds' Chief Executive Mark Arthur has confirmed that a bid for the player from League One rivals Bristol City has been accepted, with the 25-year-old free to talk terms at Ashton Gate.
Neither club's website had any news of a deal as of Monday evening with reports elsewhere claiming terms could not be agreed between Holt and City.
The striker, thought to have fallen out with boss Colin Calderwood, started Monday night's reserve team win at Port Vale.